Bitcoin Sees Rising Accumulation as BTC Approaches Key Profit-Taking Level
Bitcoin (BTC) has gained 3% since the start of May, building on an impressive 14% rise in April, signaling growing market confidence.
Over the past two weeks, inflows into Bitcoin exchange-traded funds (ETFs) have accelerated, further bolstering the market. In addition, consistent accumulation by Bitcoin treasuries continues to provide support.
On-chain data from Glassnode highlights that both long-term holders (LTHs) and short-term holders (STHs) have been increasing their supply holdings, signaling growing confidence. LTHs have been accumulating since early March, while STHs have ramped up their accumulation over the past week.
Glassnode defines LTHs as investors who have held BTC for 155 days or more, and STHs as those holding for less than 155 days. According to the latest Glassnode report, LTHs have accumulated over 250,000 BTC since March, pushing their total holdings to more than 14 million BTC.
“This suggests that confidence has returned, with accumulation pressures outweighing any inclination to spend or de-risk,” Glassnode explained.
Despite typically acting in opposition to LTHs, STHs have also resumed accumulation, adding over 25,000 BTC in the past week. This marks a reversal from the distribution trend observed in February 2025, when over 200,000 BTC were sold off during Bitcoin’s 30% drawdown.
Currently hovering around the $97,000 level, Bitcoin’s broad accumulation suggests renewed confidence among investors. However, Glassnode points out a major resistance level at $99,900, where long-term holders may look to take profits after accumulating more than 350% in unrealized gains.
“As Bitcoin approaches this resistance zone, we can expect increased sell-side pressure, meaning the market will likely need strong buy-side demand to absorb any selling and maintain upward momentum,” Glassnode stated.
In summary, while BTC is showing strong signs of accumulation and confidence, investors should closely monitor the $99,900 level for potential profit-taking activity.
