Bitcoin Holders Face Potential Profit-Taking Amid Market Risks

According to PANews, a recent report by on-chain analytics firm Glassnode reveals that long-term holders (LTH) of Bitcoin, who have held the cryptocurrency for over six months, are currently experiencing unrealized profits nearing 350%. Historically, such levels have often led to significant profit-taking. Trader TheKingfisher noted a substantial number of long positions below $91,000, while there are relatively fewer short positions above the current price, indicating a lack of market momentum and potential downside risk. Glassnode further emphasized that for Bitcoin to maintain its current upward trend, its price must break through and stabilize above the 111-day simple moving average (SMA) and the cost basis of short-term holders (STH). Failure to do so could result in the price falling back into a bear market zone, causing many investors to face unrealized losses once again.