Bitcoin’s recent upward momentum has slowed down a little due to waning market sentiment. Meanwhile, the Bitcoin network is seeing a significant resurgence in profit-taking, which appears as the price of BTC starts to sway following a remarkable surge.
Data from the on-chain platform shows that the amount of BTC realized profits rose to $2.4 billion on Monday. In addition, Glassnode noted that the 7-day Simple Moving Average (SMA) has climbed to a value of $1.52 billion.
These investors appear to be capitalizing on local highs, whereas selling from long-term holders is fluctuating at historical levels. This echoes previous bull cycle pauses where powerful hands accumulate in silence, rather than panic-driven capitulation.
If demand at lower price bands persists and ETF allocation continues, these periods could be resolved with fresh upward trends as seen in the past. With BTC hovering close to key resistance levels, the platform stressed the importance of monitoring macro triggers and the actions of short-term holders. This is due to the fact that reaccumulation among these investors might form the next price base.
