Bitcoin HODLer Selling Expected Around This Level, Report Says
Glassnode reports an anticipated increase in sell-side pressure from Bitcoin long-term holders (LTHs) as Bitcoin approaches $99,900. LTHs, defined as investors holding Bitcoin for over 155 days, have seen their supply increase by 254,000 BTC in recent months, indicating some short-term holders (STHs) are maturing into this group. Historically, LTHs are less likely to sell, but they have taken profits during previous market rallies. Currently, Bitcoin's price is significantly above the LTHs' realized price, suggesting they are holding substantial profits. The report indicates that LTHs may consider selling when Bitcoin reaches a 350% profit threshold at $99,900, potentially leading to increased selling pressure if the price continues to rise. As of now, Bitcoin is trading around $96,500, reflecting a 4% increase over the past week.
