Bitcoin Network Sees Spike In Realized Profits – Still Far From Late 2024 Highs
Main Idea
Bitcoin is currently trading at critical levels, with significant volatility and profit-taking activity, while struggling to break through key resistance levels.
Key Points
1. Bitcoin is trading above $105,000 but facing resistance at $109,000, with realized profits surging to $2.46 billion in a single day.
2. The 7-day moving average of realized profits is $1.52 billion, above the year-to-date average of $1.14 billion, indicating increased profit-taking.
3. Bitcoin's price is consolidating between $103,600 support and $109,300 resistance, with potential for a rally if $109,300 is cleared.
4. The broader trend remains positive, with Bitcoin climbing over 15% since rebounding from $75,000 in April, supported by a risk-on environment in US markets.
5. On-chain data shows growing caution, with profit-taking activity ramping up as Bitcoin hovers near all-time highs.
Description
Bitcoin is currently trading at critical levels, holding firmly above $105,000 but struggling to break through the $109,000 resistance zone. This range has become a decisive battleground between bulls and bears, with market participants closely watching for a breakout or breakdown in the coming days. While bulls remain in control and continue to defend key support levels, the failure to push into price discovery has raised concerns that a correction may be looming. Adding to this cautious sentim...
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