$BTC Bitcoin Investors Might Cash Out as Market Shows Signs of Weakness

A fresh analysis from Glassnode, shared by PANews, shows that people who’ve been holding $BTC for more than six months are sitting on big gains—almost 𝟯𝟱𝟬% 𝗽𝗿𝗼𝗳𝗶𝘁 they haven’t cashed in yet. In the past, when holders were this deep in the green, many decided it was a good time to sell and lock in profits.

A trader named 𝗧𝗵𝗲𝗞𝗶𝗻𝗴𝗳𝗶𝘀𝗵𝗲𝗿 pointed out something interesting: there's a lot of buying pressure sitting just below $𝟵𝟭,𝟬𝟬𝟬, but not many people are betting on the price going down from where it is now. This imbalance could mean the market’s lacking strong direction and might be at risk of slipping.

𝗚𝗹𝗮𝘀𝘀𝗻𝗼𝗱𝗲 𝗮𝗹𝘀𝗼 𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝗲𝗱 𝗮𝗻 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗽𝗿𝗶𝗰𝗲 𝗺𝗮𝗿𝗸𝗲𝗿: If Bitcoin wants to keep climbing, it needs to stay above the 111-day simple moving average and also stay above what short-term buyers paid on average. If it can’t do that, there’s a real chance prices could drop again, and those same investors might end up in the red instead of enjoying their gains.