Bitcoin’s BTC/USD sharp rise to an all-time high of $111,800 has entered a decisive phase, as data from Glassnode reveals intensified profit-taking by long-term holders.

What Happened: The surge, initially driven by aggressive spot buying, is now encountering persistent sell pressure from earlier market participants, posing a critical test of the market’s resilience.

Glassnode’s on-chain analysis released on Thursday shows that key support levels at $103,700 and $95,600 will likely determine whether bullish momentum can be sustained.

“With key support at $103.7k and $95.6k, and signs of older investors offloading, the bulls now face a critical test of their resolve,” the report states.

While…

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