Will Bitcoin’s [BTC] rally fizzle out as short-term profit-taking resumes?

BTC’s long liquidations soared above $200 million in the last 24 hours. The cumulative potential liquidation peaked at $7.16 billion. Where is BTC expected to move in the coming days?could be transitioning from a focus on short-term profit-taking to long-term hodling has been floated around in the last few days. The market may have reacted to those expectations, but what if short-term profit-taking is still in effect?Let’s recap Bitcoin’s latest performance to fully understand the situation.

The latest data further revealed that the number of addresses holding at least 10,000 BTC soared to a new monthly high. Addresses holding less than 10,000 BTC but over 1,000 BTC dropped by 1 address as per the latest analysis.The above findings suggested that Bitcoin may not be experiencing substantial selling pressure from whales. But where is the selling pressure coming from? Well, as noted earlier, the market has been shifting in favor of a long-term focus.

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