As Bitcoin (BTC) approaches the critical $99,900 level, traders and market watchers are speculating whether the bullish momentum can hold up or if resistance at this key point will trigger a pullback.

Bitcoin has seen a strong recovery, surging past the $90,000 mark, but many are now focusing on the $99.9K price level as a significant obstacle. Historically, this price range has been a point of resistance for Bitcoin, and technical indicators suggest that this time may be no different.

Data from Glassnode indicates that long-term holders (LTHs), who are currently sitting on significant unrealized gains, may start to sell as Bitcoin reaches the $99,900 level. Typically, these holders begin taking profits when their investments reach approximately 350% in unrealized gains, which aligns with the current price range.

“We’ve seen similar behavior from LTHs in the past, where they start distributing their holdings once their unrealized profits hit this threshold,” said Glassnode in their report. “With $99.9K in sight, we anticipate that selling pressure could increase, potentially slowing the upward momentum.”

Further complicating the situation is the behavior of short-term traders who bought Bitcoin during the recent rally. If these traders decide to lock in profits near $99.9K, it could add additional selling pressure, making it harder for the price to break through this barrier.

Despite this, there remains cautious optimism in the market. If Bitcoin can manage to push past $99,900, it could open the door for a new rally toward $100,000 or beyond. However, if the resistance holds, a correction back toward lower levels could be on the horizon.

With all eyes on the $99.9K resistance, Bitcoin bulls will need to demonstrate strength to overcome this critical level and keep the momentum alive.