Glassnode: Both short-term and long-term BTC holders are showing accumulation behavior, but a strong buying pressure is needed to break through the resistance at $99,000.

On May 7, Glassnode data showed that both short-term holders (STH) and long-term holders (LTH) of Bitcoin were increasing their holdings. Among them, LTH has been accumulating since the beginning of March, and STH has also started to increase its holdings in the past week. Glassnode defines LTH as an investor who has held BTC for more than 155 days, and STH as an investor who has held BTC for less than 155 days. According to its latest weekly report, LTH has increased its holdings by more than 250,000 BTC since the beginning of March, bringing the group's total holdings to more than 14 million. "This suggests that market confidence is recovering and that the accumulated momentum has outpaced investors' risk-off tendencies to sell." Glassnode analysis states. While STH usually operates in opposition to LTH, they have also added more than 25,000 BTC over the past week, marking a reversal of the trend of net shedding more than 200,000 BTC starting in February 2025 – a cycle that coincides with the start of a 30% correction for Bitcoin. Bitcoin is currently hovering around the $97,000 mark, and this market-wide overweight is a sign that investor confidence is recovering. However, Glassnode also pointed out that there is a significant resistance level at $99,900, and on-chain data shows that taking profits could be triggered when the LTH unrealized profit reaches 350%. "Therefore, it is foreseeable that selling pressure will intensify as the price approaches this area, and strong buying will be needed to absorb the selling pressure to maintain the upward momentum."