Recent data shows that Bitcoin investors generated significant profits, especially from long-term holders, impacting the market dynamics.
Profit for Long-term Bitcoin Holders
According to Glassnode, Bitcoin investors made $3.5 billion in profits over the last 24 hours, marking one of the largest single-day cashouts of the year. Long-term holders accounted for $1.96 billion, which represents 56% of the total realized profits.
Market Performance and Price Swings
Bitcoin recently briefly touched $123,000 before pulling back to around $117,000. Trading charts indicate resistance near local highs, while the latest RSI signals show signs of cooling down, with Bitcoin dropping more than $5,000 from its weekly peak.
Future of Bitcoin After Major Sales
There is observable pressure following profit realization as indicated by multiple red candles in recent sessions. However, the daily structure remains positive, staying above the 50-day and 200-day moving averages. The sudden outflow of cash may result in short-term volatility, which is crucial for long-term investors.
The recent surge of Bitcoin to new heights impacts real economic decisions of long-term investors. With a massive $3.5 billion gone in just one day, upcoming sessions will determine if Bitcoin can handle such a supply shock.
