Bitcoin Hits Resistance Again as Realized Profits Reach $2.6B Per Day

BTC hit $71,375 on March 26, returning close to its all-time high of $73,738 earlier this month, but it failed to break through to a new peak.

“Several on-chain indicators have flagged an uptick in profit-taking events,” the firm noted in its weekly update. With more than $2.6 billion in realized profit taken, the market has reached resistance, it added.market hits resistance at a new ATH of $73k, the Long-Term Holder cohort have ramped up their overall distribution pressure.

Moreover, around 40% of this profit-taking was attributed to long-term holders, “which includes investors divesting from the GBTC Trust.” “Realized profit by both cohorts has reached a similar magnitude to during the 2021 bull market peak.”

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