How Bitcoin Realized Profits May Impact BTC Price
Bitcoin (BTC) has been hovering near the $100,000 mark since November 21 but has yet to hit it, which BeInCrypto attributes to an increase in realized profits.
Recent data suggests that profit-taking activity has slowed. What does this mean for the price of Bitcoin?
Bitcoin holders give up pre-order benefits
Glassnode data display Bitcoin profits surge On Thursday, November 21, the price dropped to $10.58 million. However, as of this writing, the value has dropped to $1.58 million, a difference of $9 million.
As the name suggests, realized profit is the value of a token sold after its price has increased. Therefore, when this indicator rises, it becomes challenging for the cryptocurrency’s price to continue rising.
However, most Bitcoin holders have stopped selling heavily due to the decline in realized profits. If this trend continues, Bitcoin’s price may rebound and could rise to the $100,000 milestone.
This sentiment is further supported by the coin holding time indicator, which tracks how long a cryptocurrency has been held without trading or selling.
When a coin’s holding period decreases, it means that holders of a specific cryptocurrency are selling. If this continues, the trend will become bearish. However, over the past seven days, BTC holding time has increased by 65%.
This increase reinforces Bitcoin’s realized profit bias that selling pressure has subsided. Interestingly, CryptoQuant analyst IT Tech agrees with the argument that Bitcoin may continue to climb higher.
“The green bar shows that STH selling profits have not yet reached levels seen during the previous peak of $72,400. This indicates that profit-taking pressure has not yet peaked, Leave room for further upward movement In terms of price,” IT Technology explain.
BTC Price Prediction: $102, $500 Looks Close
On the daily chart, Bitcoin continues trading is in an ascending channel, indicating There is potential to climb higher.
BeInCrypto also observes that the Supertrend indicator remains bullish. Supertrend is a technical indicator used to find the direction of an asset’s movement.
If the red part of the indicator is above the price, the trend is downward and the price is likely to fall. However, with the green area below the price, its value could rise above $99,780. If that’s the case, Bitcoin price may rise to $102,500.
On the other hand, this may not happen if Bitcoin realizes another surge in profits. on the contrary, Value may decline to $84,466.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
