After the last show of positive rush, the price returning Bitcoin to a six -digit valuation was the most popular narrative on the cryptocurrency market. However, the latest data on the chain suggests that the appropriate investor class may pose a threat to the dream of the premiere of cryptocurrency about recovering $ 100,000.
A successful break with a value of USD 100,000 can open the path to discover the price: Glassnode
In May 2 on X, Blockchain Analytics Glassnode common Insight into the behavior of long -term Bitcoin owners (LTH) and how this can affect the btc price trajectory in the next few days. Long -term owners refer to investors who have not moved their coins for over 155 days.
According to the latest chain data, long -term Bitcoin owners have been in the accumulation phase in recent weeks, and over 254,000 BTC ages over 155 days from a recent low price. Glassnode added that most of these investors bought their coins above the price level 95,000 USD.
With the escalate in total supply of these long-term investors, Bitcoin suggests that their expenses remained minimal and light-nave in the face of the pressure of bear and uncertain market state over the past month. This positive signal resumed trust and lack of interest in LTS by reducing their exposure on the market.
Source: @glassnode on X
Glassnode noticed, however, that long -term owners often begin to distribute their coins around 350% of unrealized profit margins, which corresponds to the Bitcoins price of around USD 99,900. After closing the BTC price, at this level, the analytical company believes that increased pressure on the sales side may be on the horizon of the flagship cryptocurrency.
In addition, Glassnode revealed that a immense part of the coins was purchased in the region 95,000 – 98,000 USD, which leads to the creation of a supply barrier. The price of bitcoins may witness a significant pressure down if investors with costs in this region decide to go to Breakeven or after a little profit.
The analytical company stated that the potential pressure on the sale side of the immense supply of BTC in the region 95,000-98 000 USD and from long-term distribution holders of its coins at the level of 99,900 USD creates the main retaining barrier. However, a successful violation of the 100,000 USD mark can “open the way to discover prices”, because the supply of coins above this price level is relatively lithe.
Bitcoin price at first glance
At this time, BTC is valued at around USD 96,500, which reflects the price drop by 0.4% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Recommended photo from Istock, chart from TradingView
Editorial process For a bitcoinist, she focuses on providing thoroughly examined, correct and impartial content. We maintain strict acquisition standards, and each page undergoes a careful review of our team of the best technological experts and experienced editors. This process ensures the integrity, importance and value of our content for our readers.
