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Bitcoin Network Sees Spike In Realized Profits – Still Far From Late 2024 Highs
The Bitcoin network has witnessed a sudden surge in realized profits, according to the latest data from Glassnode. This development comes as the cryptocurrency hovers just beneath its all-time high of $109K, leaving investors wondering whether the market is on the cusp of a significant downturn or merely experiencing a correction before another push higher.
Since rebounding from the $75,000 mark in April, Bitcoin has demonstrated impressive resilience and adaptability. Despite suffering brief setbacks during May’s trading session, the asset continues to garner support and maintain an uptrend. A closer examination of recent on-chain data reveals that realized profits have spiked by a substantial margin over the past 24 hours.
The statistics indicate that the total profit-taking activity on the network has surged to $2.46 billion in a single day, accompanied by a weekly average of $1.52 billion – well above the year-to-date average of $1.14 billion. Although these figures are significantly lower than those witnessed during the peak fervor of late 2024, they signal a growing unease among investors.
These data points also contribute to the growing uncertainty surrounding Bitcoin’s next move. The cryptocurrency remains entrenched in its current consolidation phase, with the price oscillating above key support at $103,600 and strong resistance near $109,300.
In this context, traders are left pondering whether the market will respond positively or negatively to these newfound profit-taking activities. If the bulls manage to reclaim the aforementioned resistance zone, a renewed surge towards fresh highs may unfold. Conversely, if this profit-taking intensifies further, Bitcoin could retest the lower end of its consolidation range around $100K.
Bitcoin’s recent journey has been marked by unpredictable price swings and increased uncertainty in the market. As investors continue to balance their portfolios and secure gains, it remains essential for traders to stay vigilant and monitor developments closely, particularly around resistance levels.
Source: bitcoinist.com
