Why is the price of bitcoin falling now and how will it continue?
The profit-taking by long-term holders has acted as a drag on price momentum. Veteran investors are taking profits in bitcoin.
Bulls are facing a test of their determination.
According to Glassnode, "the market seems to be at a crossroads".
In the past two weeks, bitcoin (BTC) reached a new all-time high of USD 111,800. However, this enthusiasm was tempered and, at the time of this publication, it is trading around USD 103,000.
Bitcoin has broken a key support level of USD 103,700 and may find a new firm floor at USD 95,600.
This occurs in a context where old BTC hodlers are liquidating their holdings. Now, the determination of investors who remain bullish is facing a critical test.
