Bitcoin (BTC) price stagnates after breaching the $100,000 mark

The first macro asset in 150 years is experiencing stagnation after it breached the psychological $100,000 price

Bitcoin (BTC) is struggling to post a new all-time high (ATH) despite trading above the psychological price level of $100,000 for over seven days.

This is because a huge volume of coins is setting a "resistance wall" for the asset to break through, according to blockchain analytics firm Into The Block.

Highlighting this barrier, the firm stated that 174,380 BTC, valued at $18.34 billion, are currently "Out Of The Money." These coins are largely from 296,520 addresses that bought the asset when the price was between $104,310 and $106,839.

This places the average purchase price for these investors at $105,169.

"This volume of coins is hoping for a final breakout in Bitcoin's price to the level at which they bought it so they can sell," explained Into The Block.

These investors are also hoping to maximize their profit after other traders bought the asset at a much lower price.

The development has prevented Bitcoin from attaining new highs as traders sell off once the price increases.

At the moment, these investors are setting a huge resistance level for the asset to break through.

At press time, trading volume is up by 13.37% to $49.87 billion in the last 24 hours. This suggests that investors are not rushing to accumulate the coin due to the prevailing sell wall.

Meanwhile, Bitcoin is changing hands at $103,689.18, a 1.62% increase within the same time frame.

According to the IntoTheBlock chart, about 94.88% of investors are "In The Money." These traders hold 18.87 million BTC, valued at $1.96 trillion. This suggests that they are profit-taking at the moment.

Only 4.24% of investors holding 843,500 BTC valued at $87.4 billion are "At The Money," as they are neither making a profit nor a loss.