Massive $9.6 billion in profit generated from Bitcoin selling confirmed resilience, analysts warn of potential intense sell-off at certain level
In a recent development, Bitcoin demonstrated strong resilience despite a significant sell-off of about $9.6 billion worth of BTC last weekend. The sell-off, primarily driven by short-term holders, resulted in a temporary price drop to $115,000 before stabilizing at $119,000.
According to Glassnode's analysis, during the price decline, short-term holders accounted for roughly 85.5% of the trading volume, while long-term holders made up only about 14.5%. Despite a 3.2% price drop and some liquidations, the overall market liquidation scale was relatively low ($110 million for Bitcoin), suggesting that the pullback was mainly spot-market driven rather than due to forced liquidations in derivatives markets.
Despite the recent downward pressure, the broader Bitcoin market remains fundamentally strong. Over 90% of the circulating BTC is still in profit, indicating sustained unrealized gains and underlying strength in the asset. This resilience shows Bitcoin’s capacity to absorb significant profit-taking without a major breakdown.
Looking ahead, a decisive breakout above $125,000 could occur, leading to potential sell-side pressure at the $141,000 region. Profit-taking could intensify if Bitcoin goes up by around 20% from the current level.
The Daily Hodl, a leading source for news and information on finance, crypto, web 3, and more, published this analysis. The article is currently available on their website, and readers can join the conversation on Telegram, X, and Facebook.
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In addition to this news, US lawmakers have issued subpoenas to Jamie Dimon (JPMorgan Chase CEO) and Brian Moynihan (Bank of America Boss) regarding their role in a Tesla supplier's IPO. Ancient Bitcoin is showing signs of activity, potentially indicating sell-side pressure. A bank insider has been accused of draining $195,000 from churches, a kids museum, and customers, faking their own death to avoid recovery of incriminating evidence, as reported by the US Department of Justice.
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- The resilience demonstrated by Bitcoin, despite a significant sell-off, showcases its potential strength in the broader cryptocurrency market, especially considering the dominance of short-term holders in the recent trading volume.
- Amidst the ongoing discussions about Bitcoin, Etetherum, and other altcoins in the finance, crypto, and blockchain sectors, US lawmakers have issued subpoenas to key figures in traditional finance, raising questions about their roles in IPOs, while a bank insider is accused of committing fraud in a case involving churches, a kids museum, and customers.
