- The Bitcoin price of $35,000 has acted as a resistance level, triggering over $15 billion in profit-taking around this point on October 24.
- Most of the profit-taking was done by short-term holders who bought Bitcoin in the last 155 days when the price rose from $25,000 to $34,000.
- Long-term Bitcoin holders accounted for only $100 million in profit-taking, indicating steadiness in the market amid short-term volatility.
Recent data analysis by CryptoSlate reveals intriguing patterns in Bitcoin profit-taking behaviors amid volatile market conditions. The Bitcoin price level of $35,000 has acted as a short-term resistance, with a surge in profit-taking around this point.
Massive Profit-Taking Around $35k
Specifically on Oct 24, over $15 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.
Conclusion
The analysis reveals how the $35,000 price level has triggered significant profit-taking, especially among short-term holders. However, long-term holders appear unfazed, signaling an underlying bullishness in the market. As Bitcoin continues to test key resistance levels, it will be telling to see if this pattern holds up.
