CandleFocus

Bitcoin Profit Taking Relatively Muted Amid $93K Rally – Can BTC Climb Higher?

Author: Content Editor
According to a report by Glassnode, the current rise in BTC's price is driven by strong spot demand and increasing institutional interest, with optimism in the digital assets industry increasing due to Donald Trump's victory in the US presidential race. The report shows that over 95% of Bitcoin's supply is currently in profit, but profit-taking has remained relatively low during this cycle. The report suggests that there is further room for the BTC price to rise, potentially reaching $100,000 before demand slows down. The current spot price of BTC is just below its upper statistical band, indicating that existing holders may sell their holdings if the price continues to rise. However, industry experts believe that excess leverage needs to be flushed out before BTC can reach the $100,000 milestone. In the past 24 hours, over $718 million worth of crypto contracts were liquidated, impacting 202,074 traders. Despite the strong bullish sentiment, there is no clear trading advantage between longs and shorts. Some industry leaders remain optimistic about BTC's future price, with predictions ranging from $200,000 to $1 million. At the time of writing, BTC is trading at $91,199, up 3.9% in the past 24 hours.

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