"Zengbit" long-term holders' selling pressure is easing, but the $89K to $110K range remains a difficult barrier to突破

According to the latest report from on-chain data analysis platform Glassnode, the Bitcoin market is showing positive signals. The selling pressure from long-term holders has significantly decreased, bringing new possibilities for the subsequent market trend. Currently, BTC is priced at $89.91K, which is a correction from last year’s all-time high, but technical challenges still remain.

Glassnode Data Reveals: Large Holder Selling Pressure Has Significantly Declined

Glassnode defines wallets holding coins for more than 5 months as “long-term holders,” whose behavior often reflects deep market trends. When Bitcoin surged to over $100,000 last year, long-term holders sold more than 100,000 BTC weekly, creating substantial selling pressure.

However, the situation has reversed. According to the latest data, the current weekly outflow from long-term holders has dropped sharply to 12,800 BTC, a stark contrast to previous collective sell-offs. Glassnode analysis states: “This convergence indicates that, although profit-taking behaviors still exist, they are relatively mild.” This change suggests that the large-scale distribution of coins has entered its final phase.

Historical Pain Points Still Present, Rebound Path Full of Thorns

Despite the weakening of selling momentum, Bitcoin still faces numerous obstacles ahead. Since November 2025, BTC price has repeatedly attempted structural rebounds, each time encountering heavy selling pressure in the $93,000 to $110,000 range. This zone has become a historical trauma area for many investors, with multiple failures in this range undermining market confidence.

Every upward breakout is accompanied by new seller pressure, making it difficult for the price to sustain an upward trend. Glassnode warns that to truly reverse the major trend, it is still necessary to fully absorb the chips held by long-term holders. In the short term, Bitcoin will continue to test this range repeatedly, gradually building market consensus.

Distribution of Chips Not Fully Completed, Patience Needed for Breakthrough

During Bitcoin’s recent correction, progress has been made in chip distribution, but it is far from complete. The weakening of long-term holders’ selling pressure is a positive signal, but it also indicates that major players have largely completed some profit-taking, and the market needs time to digest the remaining chips.

Glassnode believes that the market is currently at a critical point of accumulation. Once the distribution of chips by long-term holders is fully completed, the market will clear significant structural obstacles, and a major trend reversal can be expected.

Geopolitical Risks Persist, Short-term Volatility Still Needs Vigilance

Despite positive technical signals, risks remain. Glassnode specifically reminds that if tensions between the US and Iran escalate further, global risk aversion sentiment may increase, potentially causing short-term shocks to risk assets like Bitcoin.

Currently, Bitcoin is in a sensitive period. Once geopolitical events are triggered, the risk of short-term pullbacks has not been entirely eliminated. Investors should remain cautious even while optimistic.