Bitcoin (BTC) price may face resistance as Glassnode reveals a key zone

Amid the stable market conditions witnessed on Friday, on-chain analytics platform Glassnode has spotted a key resistance zone for Bitcoin.

On-chain analytics platform Glassnode has identified a key resistance zone for Bitcoin amid the stable market conditions witnessed on Friday.

The analysts at the firm revealed that Bitcoin will be juggling bullish momentum with 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?

The analysts noted that some Bitcoin holders may be making an exit soon, especially as the cryptocurrency moves toward a key resistance zone.

This point of resistance, which is currently being formed at the $95,000 to $98,000 range, will be crucial in determining the short-term trend of Bitcoin.

However, if Bitcoin can successfully cross the resistance zone and stabilize above the $98,000 to $100,000 level, then it could pave the way for a continuation of the bullish market.

This aligns with the observations of an analyst at crypto derivatives exchange CoinGlass, who had previously noted a substantial cluster of Bitcoin put options expiring on May 5th.

The analyst noted that a significant number of BTC were acquired between $95,000 and $98,000, which may indicate that many holders are aiming for a breakeven exit.

This could lead to a temporary decline of Bitcoin to the $90,000 level, setting the stage for the next breakout point.

At this time, long-term holders have been major contributors to the bullish momentum. However, they could also be the ones to exert pressure and lower Bitcoin's price potential.

Although it is still uncertain when these roadblocks will occur, Bitcoin has already begun to establish stable trends, signaling an emerging price retreat.

According to the analyst, Bitcoin long-term holders may be distributing more aggressively once their unrealized profits reach approximately 350%. This corresponds closely with a Bitcoin price of roughly $99.9K.

If Bitcoin can neatly cross this level, it 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.

Amid its resilient signals, Bitcoin has secured investors confidence as further data shows that over 254,000 BTC have remained untouched for more than 155 days.

While many of the BTC were bought at above $95k, it appears that many long-term holders are still willing to continue accumulating the token and hold even through volatility.