Bitcoin at Crossroads Amid Increased Selling Pressure, Warns Analytics Platform Glassnode – Here’s the Firm’s Outlook

Description

Analytics platform Glassnode is outlining the possible path ahead for Bitcoin ( BTC ) amid a period of intense profit-taking. According to the analytics platform, Bitcoin is facing growing resistance after reaching a new all-time high last month. The resistance can be attributed to exhaustion from profit-taking by long-time Bitcoin holders and exhaustion from buyers who purchased earlier, according to Glassnode. Over the short term, the intensifying profit-taking could point to a distribution ph...