Glassnode Highlights Intensified Profit-Taking Amidst #Bitcoin's Rally to New Heights https://t.co/eypFMyQ6zV
— Bitcoin.com News (@BTCTN) April 2, 2024
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Bitcoin: The flagship crypto's volatility prompts long-term holders to take profits.
Wed 03 Apr 2024 ▪
2
min of reading ▪ by
Getting informed
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Event
The cryptocurrency market is witnessing a significant event as Bitcoin reaches all-time highs. Long-term Bitcoin holders are proactively responding to this BTC surge by making strategic decisions to maximize their gains.
Crypto Bitcoin: “Record profit-taking,” according to Glassnode
Glassnode’s analysis sheds light on an unprecedented dynamic as the price of Bitcoin (BTC) reaches new highs. Long-term holders are reacting with a profit-taking that breaks all records.
In fact, every day, $2.6 billion in profits are realized, testifying to the magnitude of this crypto trend. This reaction follows a historical pattern, with striking similarities to previous cycles.
As explained by Glassnode’s report: “This price evolution aligns very closely with the previous cycle 2018-21.”
This trend shows the importance of long-term Bitcoin (BTC) holders in the profit-taking process. They contribute to the selling pressure, in addition to influencing the market dynamics of Bitcoin.
The Response of Long-Term Bitcoin Holders Examined in Detail
Glassnode emphasizes a 15.4% retraction from the peak of $73,794, followed by a robust recovery. During this pullback, a total of 2 million BTC went from a ‘profit’ status to ‘loss’.
Long-term Bitcoin holders play a key role in this dynamic, demonstrating their ability to make strategic decisions to maximize their returns. They create supply clusters between $61,200 and $73,200. This indicates increased activity as traders adjust to the new market landscape.
In any case, the reaction of long-term Bitcoin (BTC) holders is not unusual. Nevertheless, crypto investors must pay special attention to it in order to anticipate future market movements of Bitcoin.
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Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.