Analysis: Both short-term and long-term holders of Bitcoin are increasing their holdings, but there is significant resistance at the $99900 level

According to CoinDesk, Glassnode data shows that both short-term holders (STH) and long-term holders (LTH) of Bitcoin are increasing their holdings. LTH refers to investors who have held BTC for more than 155 days, while STH refers to investors who have held BTC for less than 155 days. Since early March, LTH has continued to accumulate and has increased its holdings by over 250000 BTC, with a total holdings exceeding 14 million BTC. This indicates that market confidence is recovering, accumulating momentum beyond investors' tendency to sell and avoid risks. Although STH usually operates in the opposite direction of LTH, in the past week STH has also increased its holdings by over 25000 BTC, reversing the trend of net reduction of over 200000 BTC since February 2025, which coincided with the starting point of Bitcoin's 30% pullback. At present, Bitcoin is hovering around the $97000 mark, and the overall market's increase in holdings indicates a restoration of investor confidence. However, Glassnode pointed out that there is a significant resistance level at $99900, and when LTH fails to achieve a profit of 350% or triggers profit taking, selling pressure will intensify, requiring strong buying to digest selling pressure to maintain upward momentum.