Glassnode: Bitcoin may face strong selling pressure at $99000

According to Glassnode analysis, Bitcoin may face significant selling pressure when its price approaches $99900. Data shows that long-term holders (wallets that have held coins for at least 155 days) typically begin to distribute tokens more actively when they achieve around 350% unrealized profit, which corresponds to a Bitcoin price of approximately $99900. In addition, wallets that purchased Bitcoin in the price range of $95000 to $98000 earlier this year may choose to close out or make a small profit when the price rebounds to that range, which may further exacerbate selling pressure. Glassnode points out that this price range forms a key resistance level, and if Bitcoin can effectively break through $99900, it may open a channel to price discovery above $100000. Previously, the price of Bitcoin had already surpassed $90000, and the market was concerned about whether it could reach a new high, surpassing the record of $109000 set in January this year.