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Bitcoin price surge to $35,000 triggers over $1.5B in profit-taking
The year witnessed its second-highest profit-taking event so far as Bitcoin closes in on $35,000.
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Quick Take
CryptoSlate's recent data analysis reveals intriguing patterns in Bitcoin profit-taking behaviors amid volatile market conditions. The analysis showed that the Bitcoin price level of $35,000 has acted as a short-term resistance, with a surge in profit-taking around this point.
Specifically, on Oct. 24, over $1.5 billion of realized profit was reported, marking the second-highest profit-taking event this year. The only other higher instance occurred on May 7, coinciding with Bitcoin’s significant drop from $30,000 to $25,000.
The data further showed that a majority of this profit-taking was led by short-term holders, specifically those who purchased Bitcoin within the last 155 days when the price rose from $25,000 to $34,000.
Interestingly, profit-taking among long-term holders appeared to be minimal, accounting for a mere $100 million. This indicates a level of steadiness in the market amid shorter-term turbulence.
Market Cap $1.59T
24H Volume $33.17B
