Bitcoin’s price has approached the resistance level above $70,000 again, hindered from advancing further by an increase in investors cashing in profits.<\/p>\n\n\n\n
On March 26, BTC reached a high of $71,375, nearly touching its all-time high of $73,738 set earlier in the month, but it did not surpass this record.<\/p>\n\n\n\n
The inability to break new ground is primarily attributed to heightened profit-taking activities, as identified by on-chain analytics firm Glassnode.<\/p>\n\n\n\n
In its latest report, Glassnode highlighted a noticeable rise in profit-taking actions. The market has encountered resistance as over $2.6 billion in profits were realized, according to the firm.<\/p>\n\n\n\n
Profit-Taking Seen as Standard Market Action<\/p>\n\n\n\n
Glassnode pointed out that the 16% pullback in Bitcoin\u2019s price on March 26 mirrored the correction seen before the last halving event, suggesting a pattern in these retracements.<\/p>\n\n\n\n
The report further detailed that the bulk of the 2 million BTC, which transitioned from being ‘in-profit’ to ‘in-loss’ during this dip, now have an acquisition cost over $61.2K and were recently traded.<\/p>\n\n\n\n
At this market peak, in excess of $2.6 billion in profits were captured through on-chain transactions, Glassnode stated.<\/p>\n\n\n\n
Additionally, long-term investors, including those offloading shares from the GBTC Trust, accounted for about 40% of this profit-taking.<\/p>\n\n\n\n
Since converting to a spot ETF in mid-January, Grayscale\u2019s GBTC has seen a reduction of 277,393 BTC, with $212 million exiting on March 26 alone. Yet, the deficit has been more than compensated for by the influx into nine newly launched ETFs.<\/p>\n\n\n\n
The report also noted that the remaining $1.56 billion in profits was realized by short-term holders. These traders were capitalizing on the incoming liquidity and the prevailing market trends, reminiscent of behaviors observed at the peaks of previous cycles.<\/p>\n\n\n\n
\u201cProfit realization by these groups is now parallel to the levels seen at the peak of the 2021 bull run,\u201d Glassnode remarked.<\/p>\n\n\n\n
The firm concluded that such profit-taking practices are “typical for the market” and closely match the patterns seen during previous cycles\u2019 all-time high breakthroughs.<\/p>\n\n\n\n
Other Crypto Market Movements<\/p>\n\n\n\n
As of this report, BTC’s price remained stable at about $70,000, as the market paused. It’s currently only 4.6% below its March 14 high.<\/p>\n\n\n\n
The total market capitalization stood at $2.79 trillion, just 9.4% short of its all-time high of $3.08 trillion in November 2021.<\/p>\n\n\n\n
During the Wednesday morning trading session in Asia, most altcoins showed little movement. BNB, XRP, AVAX, and TON experienced minor pullbacks, while DOGE, SHIB, and ICP recorded slight increases.<\/p>","protected":false},"excerpt":{"rendered":"
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