Will Bitcoin pull back amid elevated profit-taking and demand for long side leverage?

Bitcoin price has registered its fourth new cycle all-time high this week, now trades above $72K. Glassnode researchers attribute BTC rally to market sentiment shifting to euphoria. The market shows a healthy balance between distribution pressure and new demand, which is a recipe for cyclical tops. Bitcoin price upside potentialappears overstretched, but the bulls are not showing any signs of stopping.

The classic wealth transfer from the HODLer cohort to speculators is now well underway, with significant upticks in spot profit taking, and demand for… pic.twitter.com/R11kE90W89 — glassnode March 12, 2024 According to Glassnode researchers, a typical “wealth transfer from the HODLer cohort to speculators” is currently in play, citing notable upticks in spot profit-taking and demand for futures leverage.

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