Bitcoin Pressured by Profit-Taking from Long- and Short-Holders
Dow Jones
Yesterday
1133 ET - Bitcoin's price is under pressure from both long-term investors and short-term traders rushing to sell and lock in their profits, analysts with Glassnode say in a note. The cryptocurrency has bounced up to trade near a 47% premium to the average price that traders paid for it, meaning most sales are profitable right now, the analysts say. Long-term and short-term holders seem to be cashing out in roughly equal amounts, they say. But the shift toward profit-taking matches behavior seen during other price surges in recent years, signaling that the latest rally hasn't peaked or collapsed yet, the analysts say.
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