CandleFocus Ongoing Profit-Taking Could Slow Bitcoin's Move To Record High
2024-10-17
Author: Content Editor
The DXY index is currently above 103, which could potentially lead to profit-taking in the crypto market. Over 94% of the circulating supply of Bitcoin is now in profit, indicating that selling pressure from profitable holders may increase. Historical data suggests that whenever the supply in profit crosses the 94% threshold, Bitcoin experiences price corrections. Long-term holders, who hold a significant amount of BTC, may be the ones taking profits. However, short-term holders currently hold the lowest amount of BTC at a loss since March. Realized profit has increased, with over $11 billion in profit-taking happening in just over a week. Despite the rising DXY index, Bitcoin's resilience and strong momentum are evident, as it approaches record highs and maintains dominance in the crypto market.
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