Bitcoin: The flagship crypto's volatility prompts long-term holders to take profits.

The cryptocurrency market is witnessing a significant event as Bitcoin reaches all-time highs. Long-term Bitcoin holders are proactively responding to this BTC surge by making strategic decisions to maximize their gains.

Glassnode Highlights Intensified Profit-Taking Amidst #Bitcoin's Rally to New Heights https://t.co/eypFMyQ6zV

— Bitcoin.com News (@BTCTN) April 2, 2024

Crypto Bitcoin: “Record profit-taking,” according to Glassnode

Glassnode’s analysis sheds light on an unprecedented dynamic as the price of Bitcoin (BTC) reaches new highs. Long-term holders are reacting with a profit-taking that breaks all records.

In fact, every day, $2.6 billion in profits are realized, testifying to the magnitude of this crypto trend. This reaction follows a historical pattern, with striking similarities to previous cycles.

As explained by Glassnode’s report: “This price evolution aligns very closely with the previous cycle 2018-21.”

This trend shows the importance of long-term Bitcoin (BTC) holders in the profit-taking process. They contribute to the selling pressure, in addition to influencing the market dynamics of Bitcoin.

The Response of Long-Term Bitcoin Holders Examined in Detail

Glassnode emphasizes a 15.4% retraction from the peak of $73,794, followed by a robust recovery. During this pullback, a total of 2 million BTC went from a ‘profit’ status to ‘loss’.

Long-term Bitcoin holders play a key role in this dynamic, demonstrating their ability to make strategic decisions to maximize their returns. They create supply clusters between $61,200 and $73,200. This indicates increased activity as traders adjust to the new market landscape.

In any case, the reaction of long-term Bitcoin (BTC) holders is not unusual. Nevertheless, crypto investors must pay special attention to it in order to anticipate future market movements of Bitcoin.