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According to his latest positive dynamic, the value of Bitcoin, which returns to the six -digit rating, was the most well-liked story on the cryptocurrency market. However, the newest on-chain data indicate that a relevant class of investors could also be a threat to the dream of the Premier Cryptocurrency to regain $ 100,000.
A successful break of $ 100,000 could open a solution to discovering price: Glassnode
In a post on May 2, the Blockchain Analytics company Glassnode shared an insight into the behavior of long-term Bitcoin (LTH) and the way this might influence the BTC priestine railway in the following few days. Long -term owners confer with investors who haven’t moved their coins for 155 days.
According to the newest on-chain data, Bitcoin long-term owners have been in a accumulation phase prior to now few weeks, with greater than 254,000 BTC over 155 days older because the recent prize. Glassnode added that almost all of those investors had bought their coins above the value level of 95,000 US dollars.
With the general offer of those long-term Bitcoin investors, their editions are minimally and barely remained-in the face of the bearish pressure and the uncertain market condition last month. This positive trend signaled the renewed trust and the shortage of interest of the LTHS in reducing their exposure available on the market.
Source: @Glassnode on x
However, Glassnode stated that long-term owners often distribute around 350% not realized profit margins with the distribution of their coins, which corresponds to a Bitcoin price of approx. 99,900. Since the BTC Prize closes at this level, the evaluation company believes that increased pressure on the sale on the horizon for the cryptocurrency of the flagship may very well be.
In addition, Glassnode showed that numerous coins were bought within the region, numerous coins were bought, which led to the formation of a supply barrier. The Bitcoin price could testify to a major pressure if the investors with their cost base on this region determine, in Breakeven or to assume a bit profit.
The analytics company got here to the conclusion that the potential pressure on the sales side of the massive BTC offer within the region within the region and the long-term institutions who distribute their coins around $ 99,900 creates a big resistance barrier. However, a successful violation of the 100,000 US dollar brand could open the solution to the value discovery, because the coin offers above this price level is comparatively light.
Bitcoin price at a look
At the moment, BTC has a price of around 96,500 US dollars, which is as a result of a price decline of 0.4% within the last 24 hours.
The price of BTC within the each day time-frame | Source: Btcusdt diagram on tradingview
Selected picture of iStock, Diagram by Tradingview
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