Bitcoin May Break Past $100K Soon, Says Analyst
The post Bitcoin May Break Past $100K Soon, Says Analyst appeared on BitcoinEthereumNews.com. Amid the stable market conditions witnessed on Friday, on-chain analytics platform Glassnode has spotted a key resistance zone for Bitcoin. Recent metrics suggest that some $BTC holders may be making an exit soon. The analytics firm has revealed that Bitcoin will be weighing between bullish momentum and sell-side pressure from long-term holders soon, as the cryptocurrency moves toward the next breakout level while LTHs will be looking to take profits. Bitcoin to $100,000: how soon? While recent movements have seen Bitcoin closely approaching the $100,000 mark, a key resistance zone may halt its rally in the short term, as CoinGlass data shows that a significant number of BTC were acquired between $95,000 and $98,000. Source: Glassnode This implies that many holders may be eyeing a breakeven exit, thereby causing a temporary decline before the next breakout point. While long-term holders often contribute majorly to bullish momentum, they have the power to influence Bitcoin’s price potential at a time like this. Although it is uncertain when the roadblocks will occur, Bitcoin is already establishing stable trends, signaling an emerging price retreat. According to the analyst, Bitcoin long-term holders may be distributing more aggressively once their unrealized profits hit around 350%. This corresponds closely with a Bitcoin price of roughly $99.9K. You Might Also Like If Bitcoin can neatly cross this level, the crypto will become open to a fresh breakout, thereby opening its path to discovering new price levels above $100K. While Bitcoin has shown resilience in recent price movements, it maintained a stable position during the later hours of May 2nd after rallying as high as $97,811 earlier. The token is trading steadily at around $97,050 as of press time, according to data from CoinMarketCap. Source: TradingView Amid its resilient signals, Bitcoin has secured investors confidence as further data shows…
The post Bitcoin May Break Past $100K Soon, Says Analyst appeared on BitcoinEthereumNews.com.
Amid the stable market conditions witnessed on Friday, on-chain analytics platform Glassnode has spotted a key resistance zone for Bitcoin. Recent metrics suggest that some $BTC holders may be making an exit soon. The analytics firm has revealed that Bitcoin will be weighing between bullish momentum and sell-side pressure from long-term holders soon, as the cryptocurrency moves toward the next breakout level while LTHs will be looking to take profits. Bitcoin to $100,000: how soon? While recent movements have seen Bitcoin closely approaching the $100,000 mark, a key resistance zone may halt its rally in the short term, as CoinGlass data shows that a significant number of BTC were acquired between $95,000 and $98,000. Source: Glassnode This implies that many holders may be eyeing a breakeven exit, thereby causing a temporary decline before the next breakout point. While long-term holders often contribute majorly to bullish momentum, they have the power to influence Bitcoin’s price potential at a time like this. Although it is uncertain when the roadblocks will occur, Bitcoin is already establishing stable trends, signaling an emerging price retreat. According to the analyst, Bitcoin long-term holders may be distributing more aggressively once their unrealized profits hit around 350%. This corresponds closely with a Bitcoin price of roughly $99.9K. You Might Also Like If Bitcoin can neatly cross this level, the crypto will become open to a fresh breakout, thereby opening its path to discovering new price levels above $100K. While Bitcoin has shown resilience in recent price movements, it maintained a stable position during the later hours of May 2nd after rallying as high as $97,811 earlier. The token is trading steadily at around $97,050 as of press time, according to data from CoinMarketCap. Source: TradingView Amid its resilient signals, Bitcoin has secured investors confidence as further data shows…
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