PANews reported on May 2 that according to Cointelegraph, the latest report released by the on-chain analysis agency Glassnode shows that the current unrealized profit of long-term holders (LTH) who have held Bitcoin for more than six months is close to 350%, a level that has triggered large-scale profit-taking many times in history. Trader TheKingfisher pointed out that there are currently a large number of long liquidation orders below $91,000, while there are relatively few short orders above the current price, indicating that the market lacks action and there is a downside risk.

Glassnode also emphasized that Bitcoin prices need to break through and stabilize above the 111-day simple moving average (SMA) and the short-term holder (STH) cost basis to maintain the current upward trend. Otherwise, the price may fall back to the bear market area, causing many investors to face unrealized losses again.