Bitcoin's Profit-Taking Surge: What It Means for Future Prices
TL;DR
- Approximately 95% of $BTC holders are in profit, suggesting potential selling pressure as profit-taking activities increase.
- Long-term holders possess around 14 million BTC, with only 500,000 BTC at a loss, indicating strong market resilience.
The anticipated rise of $BTC towards new record highs may face challenges due to ongoing profit-taking. Data from Glassnode shows that while 95% of the circulating $BTC supply is profitable, the 5% at a loss may create selling pressure, potentially hindering further price increases. Historically, when the percentage of supply in profit exceeds 94%, selling pressure often leads to price corrections.
Long-term holders, defined as those who have held their coins for at least 155 days, hold approximately 14 million BTC, with only 500,000 BTC at a loss. In contrast, short-term holders currently have 235,000 BTC at a loss, the lowest since March. The dynamics between these two groups could significantly influence market movements as profit-taking continues.
Recent data indicates that realized profits have surged, with over $11 billion recorded in just over a week. This includes $5.6 billion on October 8 alone, marking a significant shift in investor sentiment. As profit-taking persists, the interaction between long-term and short-term holders will be crucial in determining $BTC's trajectory, with potential implications for future price movements.
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