BTC Accumulation Gains Momentum as Price Nears Important Resistance Level of $99K

Bitcoin (BTC) has risen by 3% since early May, building on a 14% increase in April.

Recent inflows into Bitcoin exchange-traded funds (ETFs) have ramped up over the past fortnight, complemented by ongoing treasury accumulation of bitcoin, which is bolstering market strength.

On the blockchain front, data from Glassnode indicates that both short-term holders (STHs) and long-term holders (LTHs) have expanded their holdings; LTHs have been doing so since early March, while STHs started accumulating in the last week.

Glassnode categorizes LTHs as those holding BTC for at least 155 days, whereas STHs are those with holdings of less than 155 days. According to their latest weekly analysis, LTHs have increased their numbers by over 250,000 BTC since March began, raising their total holdings to more than 14 million BTC.

This trend indicates a resurgence of confidence among investors, leading to a preference for accumulating assets over cashing out.

Interestingly, STHs, who typically act contrary to LTHs, are also reflecting renewed interest in accumulation, adding upwards of 25,000 BTC within the past week. This is a turnaround from the net distribution of over 200,000 BTC that commenced in February 2025, just as Bitcoin experienced its 30% decline.

Currently, BTC is hovering close to the $97,000 mark, signaling a widespread confidence restoration among various investor groups. Nonetheless, Glassnode identifies a significant resistance point at $99,900, where long-term holders might decide to sell as their unrealized profit margin exceeds 350%.

As BTC nears this threshold, it is likely we will witness increased selling pressure, necessitating substantial buying demand to absorb the distribution and maintain upward momentum.