Bitcoin price nears $100K as this $0.004 real estate token revolutionizes investment with blockchain, AI, and metaverse innovation.
As the Bitcoin price teases with the historic $100,000 mark, excitement ripples through the crypto landscape. Investors are not only captivated by this digital gold but are also exploring innovative opportunities within the market.
Long-Term Holders Cash In Bitcoin Price Ascent to $100K Faces Profit-Taking Hurdles
The Bitcoin price march toward $100,000 is slowed by long-term holders (LTHs) capitalizing on price surges. Currently trading at $93,682, the Bitcoin price faces consistent selling pressure as LTHs cash in profits, preventing the cryptocurrency from hitting this critical milestone.
Glassnode data shows LTHs distributed 507,000 BTC between September and November, less than the 934,000 BTC sold in the March 2024 rally. This heightened activity reflects an average daily distribution of 0.27% of LTH supply, signaling a more aggressive profit-taking trend.
At $2.02 billion in daily realized profits, LTHs are setting new all-time highs, surpassing previous records. The Sell-Side Risk Ratio is nearing its upper band, indicating intensified selling activity near $100,000 and triggering price retracements as the Bitcoin price approaches this level.
Mid-term holders, with tokens held for six months to a year, accounted for $12.6 billion in profits, representing 35% of sell-side pressure. Longer-term holders contributed less, emphasizing mid-term holder influence.