$BTC Bitcoin was on track to lose 1.6% this week, marking the second consecutive week of losses, as the cryptocurrency faced prolonged profit-taking after recent record levels. Bitcoin peaked at nearly $112,000 in mid-May.

However, the cryptocurrency has shifted to a limited range since its recent peak, as growing economic uncertainty has led traders to realize recent profits.

Recent data from the analytics firm Glassnode also highlighted an increasing trend of profit-taking among Bitcoin holders.