Bitcoin has been going up lately, and many people think it could soon hit $100,000 — a number that’s been a big goal for a long time. But new data shows that some investors might start selling their Bitcoin once it gets close to that price, which could slow it down.
What Are Long-Term Bitcoin Holders Doing?
On May 2, a blockchain research company called Glassnode shared information about a group of Bitcoin investors called long-term holders. These are people who haven’t moved or sold their Bitcoin for more than 155 days.
Glassnode said these long-term holders have been buying and holding more Bitcoin recently. Over 254,000 BTC has been held for longer than 155 days since the last price drop. Most of this Bitcoin was bought at prices above $95,000.
This shows that these investors still believe in Bitcoin’s future and haven’t sold, even though the market has been a bit shaky.
A Big Wall at $100K
All of this creates what’s called a “resistance level” — a point where many people are expected to sell. This could make it harder for Bitcoin to climb past $100,000.
But if it does break through that level, there’s less selling pressure above it, which means the price could rise faster and reach new all-time highs.
What’s the Price Right Now?
At the moment, Bitcoin is priced at around $96,500, which is slightly lower than the day before — a 0.4% drop.
This Has Happened Before
Back in 2021, Bitcoin hit an all-time high of about $69,000. After that, many long-term holders sold their coins, and the price dropped.
We could see something similar happen again now — people might sell as we get closer to $100,000, which could slow things down.
