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Profit-Taking at $90K-$100K Cools Bitcoin as Block P/L Count Ratio Drops Sharply
The recent surge in the Bitcoin price has led to a significant increase in profit-taking, with many investors opting to lock in their gains at the $90,000 to $100,000 level. This trend is reflected in the block profit/loss (P/L) count ratio, which has dropped sharply in recent days.
According to data from CryptoQuant, the block P/L count ratio has declined dramatically, indicating a reduction in profits being made on Bitcoin transactions. This metric measures the number of blocks with positive and negative PLs, providing insight into market sentiment.
The sudden drop in profit-taking is expected to have a cooling effect on the market, potentially halting the recent rally. As investors take profits at the psychologically important $100,000 level, it may become increasingly difficult for Bitcoin to continue its upward momentum.
To regain control, BTC must decisively break out above the $100K mark in the coming days. A successful move above this psychological and technical level would likely trigger a strong rally, attracting renewed buying interest and solidifying the bullish structure.
Bitcoin’s ability to maintain its price action above this critical resistance will be crucial in determining the future direction of the market. If the cryptocurrency fails to break out above $100K, it may enter a corrective phase, potentially leading to further consolidation or even a retracement.
As investors navigate these uncertain market conditions, it is essential to remain vigilant and adapt to changing circumstances.
Source: bitcoinist.com
