Bitcoin (BTC) price rally above $90,000 might have some holders eyeing a run to a new record topping the $109,000 hit in January.

Bitcoin (BTC) might face increased selling pressure around $99,900, potentially hindering a seamless breakout to new highs, according to Glassnode. As the flagship cryptocurrency rallies, some holders might be inclined to take profits, especially if the price reaches levels where long-term holders (LTHs) have previously sold in bulk.

LTHs, defined as wallets holding coins for at least 155 days, may be motivated to sell at price points that deliver substantial paper gains. Historical data indicates that LTHs typically begin actively distributing coins when the unrealized profit margin reaches 350%. At present, this level is estimated to be around $99,900.

“Historically, LTHs begin distributing more aggressively around a 350% unrealized profit margin, which aligns with a $BTC price of ~$99.9k. As the market nears this level, increased sell-side pressure is likely, requiring strong demand to absorb it,” noted Glassnode in a recent X post.

A second source of selling pressure could emerge from wallets that acquired coins earlier this year, when Bitcoin traded between $95,000 and $98,000. These holders managed to withstand the price decline to $75,000 last month, which could encourage them to partially sell their positions at breakeven or a slight profit.

This selling behavior is supported by the common tendency for investors to quickly take gains while holding onto losing positions. A significant portion of coins were acquired within a relatively narrow range, indicating potential selling activity at critical price levels.

“A large cluster of coins was acquired between $95k-$98k, meaning some $BTC holders may exit at breakeven. This, combined with rising LTH profits, creates a key resistance zone,” added Glassnode. “A clean breakout could open the path to price discovery above $100k.”

As Bitcoin continues its ascent, the levels at which LTHs begin selling and the price tiers where major coins were acquired will be closely watched to gauge the potential for selling pressure and the strength of the rally. A breakout above the resistance levels, which could be around $99,900 to $100,000, might pave the way for a run to new all-time highs.

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The post Bitcoin Might Face Increased Selling Pressure Around $99,900, Key Breakout Level Spotted appeared first on Benzinga.

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