Watch Out Bitcoin Enthusiasts, $99.9K Could Be the Real Test for Bulls

Bitcoin (BTC) is edging closer to a pivotal price point, with $99,900 standing as a key resistance level that could put the bull run to the test. After a remarkable rally that saw Bitcoin surpass $90,000, many traders and analysts are now focused on whether the cryptocurrency can continue its upward trajectory or if this resistance will halt its progress.

On-chain data from Glassnode points to increased sell pressure from long-term holders (LTHs) as Bitcoin nears the $99,900 level. These holders, who typically start to realize profits when their unrealized gains reach around 350%, are expected to contribute to a potential uptick in selling activity, making $99.9K a critical hurdle.

“LTHs historically begin taking profits at around the 350% unrealized profit mark, which aligns with the current price levels,” Glassnode explained in its latest analysis. “As Bitcoin approaches $99,900, we expect heightened sell-side pressure, which could slow the bullish momentum.”

In addition, short-term traders who have purchased Bitcoin during the recent rally may also decide to lock in profits as the price hits the $99,900 mark. This could further compound the resistance, making it more difficult for Bitcoin to break through.

Despite these challenges, Bitcoin remains in an overall bullish market trend, and the $99.9K level could serve as a test for the strength of the current rally. If Bitcoin can manage to break above this resistance, it may pave the way for new highs and a potential push toward the $100,000 milestone.

For now, market participants are closely monitoring how Bitcoin reacts to the $99,900 resistance, as it will likely determine whether the rally continues or experiences a pullback in the short term.