Bitcoin is stuck beneath $73K as BTC long-term holders ramp up distribution pressure

Bitcoin price topped out at $71,561 on Binance, unable to reclaim its March peak of $73,777. The long-term holder cohort has ramped up their overall distribution pressure amid surging realized profit. With such significant profits in play, balance between reaping profits and ensuring long-term sustainability has traders at a crossroads. Bitcoin price managed to recover above $70,000 after a steep fall to levels within the $62,000 range.

The market is currently seeing over $2.6B/day in realized profit, as investors start to take chips off the table. Discover more in the… pic.twitter.com/YHXRnbUnFR — glassnode March 26, 2024 Distribution pressure is when token holders exert selling pressure on the asset. As these traders look to sell their holdings, it can lead to downward price movements.

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