Bitcoin's 50-day simple moving average crossed above its 200-day average on May 22, confirming a bullish "golden cross" pattern.
Profit-taking among Bitcoin {{BTC}} holders has intensified since the cryptocurrency flashed a major bullish technical signal two weeks ago.
On May 22, Bitcoin’s 50-day simple moving average (SMA) crossed above the 200-day SMA, confirming a "golden cross" — a widely recognized indicator of long-term bullish momentum — according to TradingView data. That same day, Bitcoin's price surged to a record high above $111,000, based on CoinDesk figures.
Despite this bullish setup, on-chain data from Glassnode shows many holders are choosing to secure profits rather than wait for further price increases.
"Entity-adjusted realized profit spiked above $500 million per hour three times in the past 24 hours, signaling intense profit-taking activity."