Bitcoin crosses $71K, but now there’s a massive cause of worry

recovered and went beyond the $70k. A major reason behind its price decline since the 2nd of April was huge profit realizations, amounting to over $2.7 billion.As per the analysis, a factor behind the price improvement was a drop in selling pressure as short-term holders have stopped realizing losses on the price correction.Moreover, there was a huge BTC inflow to the accumulation addresses, and their reserves hit an all-time high.

Long-term holders’ movements in the last seven days were lower than average, signaling that they were willing to hold their assets.Though the aforementioned metrics looked optimistic, AMBCrypto’s look at Glassnode’s data revealed a bearish signal. Bitcoin’s Network Value to Transactions Ratio registered a sharp uptick.Nonetheless, the Relative Strength Index looked bullish and indicated that BTC’s price might continue to rise in the coming days.Dipayan is a full-time journalist at AMBCrypto.

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