Analysis: Long-term Bitcoin holders have not realized profits of nearly 350%, or trigger selling pressure around $100,000

PANews reported on May 2 that according to Cointelegraph, the latest report released by on-chain analytics agency Glassnode, long-term holders (LTH) who have held Bitcoin for more than six months currently have unrealized profits close to 350%, a level that has triggered large-scale profit settlements many times in history. Trader The Kingfisher pointed out that there are currently a large number of long clearing orders below $91,000, while relatively few short orders above the current price, indicating insufficient action in the market and there is a downside risk.

Glassnode also stressed that the price of Bitcoin needs to break through and be firmly on the 111-day simple moving average (SMA) and short-term holders (STH) cost basis in order to maintain the current upward trend. Otherwise, prices may fall back to bear market areas, causing many investors to face unrealized losses again.