[Analysis] "Bitcoin Testing Key Resistance Level... Selling Pressure ↑ if Rises"

An analysis has emerged suggesting that if the price of Bitcoin (BTC) surpasses the key resistance level of $95,000, selling pressure may increase.

On-chain analysis platform Glassnode stated in its 'On-chain Weekly Report' on the 30th (local time) that "after the upward trend of the past two weeks, Bitcoin has encountered its first key resistance level between $93,000 and $95,000." Glassnode described this price range as "the lower boundary of the consolidation phase that lasted from November last year to February this year," and noted it as "a technically very important point."

Glassnode emphasized the possibility of selling pressure. Glassnode analyzed that "in the recent downtrend, most speculative positions on Bitcoin seem to have been liquidated," and "long-term holders (LTH) tend to continue accumulating (Bitcoin) rather than reducing risk." It added, "However, if the market continues to rise, there is a high possibility of selling pressure from long-term holders with unrealized profits of over 350%," and "the possibility of some investors selling at break-even levels could be an additional factor for selling pressure."

Regarding price volatility, it was mentioned as "very high." Glassnode stated, "The movement for realizing profits and clearing losses is still limited," and "the current market has high potential volatility, and sharp movements can occur in either direction (up or down)."