Glassnode: Both short-term and long-term holders of BTC have increased their holdings, but breaking through the resistance of $99000 requires strong buying to digest selling pressure

According to BlockBeats, on May 7th, Glassnode data showed that both short-term holders (STH) and long-term holders (LTH) of Bitcoin were increasing their holdings. LTH has been accumulating continuously since early March, while STH has also started to increase its holdings in the past week. Glassnode defines LTH as investors who hold BTC for more than 155 days, while STH refers to investors who hold BTC for less than 155 days. According to its latest weekly report, LTH has increased its holdings of over 250000 BTC since early March, bringing the total holdings of this group to over 14 million BTC. This indicates that market confidence is recovering and the accumulated momentum has surpassed investors' selling and hedging tendencies, "Glassnode analysis pointed out. Although STH usually operates in opposition to LTH, they have also increased their holdings of over 25000 BTC in the past week, marking a reversal of the net reduction trend of over 200000 BTC since February 2025- a period that coincides with the 30% retracement starting point of Bitcoin. At present, Bitcoin is hovering around the $97000 mark, and this market wide increase in holdings indicates that investor confidence is recovering. However, Glassnode also pointed out that there is a significant resistance level at $99900, and on chain data shows that profit taking may occur when LTH unrealized profits reach 350%. Therefore, it can be foreseen that when the price approaches the region, selling pressure will intensify, and strong buying and selling forces will be needed to digest the selling pressure in order to maintain upward momentum