$99.9K Could Challenge Bitcoin Bulls’ Resolve in the Coming Days

As Bitcoin (BTC) continues to inch closer to its next major resistance point, traders and analysts alike are eyeing the $99,900 mark as a crucial level that could test the strength of the current bull run.

After a strong rally that pushed Bitcoin’s price above the $90,000 range, many are now wondering if the cryptocurrency can maintain its momentum. The $99.9K level is seen as a psychological and technical barrier for Bitcoin, with several factors indicating that it might be a challenging point for the bulls to break through.

On-chain data from Glassnode highlights a surge in selling activity around key price levels, particularly among long-term holders (LTHs), who typically begin to sell as their unrealized profits reach around 350%. This pattern suggests that once Bitcoin nears the $99,900 mark, profit-taking could significantly increase, causing downward pressure on the price.

“Historically, LTHs tend to distribute their assets around the 350% profit range, which aligns closely with the $99.9K level,” Glassnode noted in their latest report. “This could lead to increased sell-side pressure, making it more difficult for Bitcoin to sustain its current rally.”

In addition, short-term holders who purchased Bitcoin during the recent price surge may look to lock in profits or break even, further compounding the selling pressure at this critical price point.

If Bitcoin bulls can push through the $99.9K level, it could open the door to new all-time highs. However, if the resistance proves too strong, Bitcoin may face a short-term pullback as traders react to the sell pressure from profit-taking.

With market sentiment divided, the next few days will be critical in determining whether Bitcoin can continue its climb or if $99.9K will serve as a hard ceiling for the time being.