$BTC Bitcoin has been Facing a Barrier Close to an All-Time Name as Profit Taking gets Accelerated.

Bitcoin’s (BTC) price reached $71,375 on March 26, inching closer to its current all-time high of $73,738 which had been seen earlier this month, but was unable to break out adjusts. On the other hand, as illustrated by Glassnode, some of the profit-taking events seemed to drive the price lower, fueling concerns of further downside. As you can see here, by now the market had approached the resistance area of 2,642,000,000 with almost 2,642,000,000 was the realized profit.

In its review of the matter, Glassnode noticed that the 16% dip of Bitcoin on March 26 looks nearly identical to the latest cycle's pre-halving pullback. Currently, of the 2 million BTC which previously had gone from 'in-profit' to 'in-loss' status during retracement, most have now attained what can be called cost-basis that is higher than 61.2K, roughly. At that moment, when the market was already traded out, more than 2.6 billion dollars had been added into the cryptocurrency space due to the on-chain spending. Up to 40% of this fair weathering was due to holders of assets for at least one year, in addition to investors ceasing acquisition of the Grayscale GBTC Trust. After the spot ETF conversion of GBTC marked halfway through January, it was found that there has been a 277,393 BTC in net outflow, with another $212m of outflows on March 26.In the meantime, the outstanding N1.56 billion of realized profit remained tight in the hands of short-term holders. Garonglode reported that the action was "rather typical market behavior" as it comes closely to trading patterns in all the previous ones. At the moment of writing, one bitcoin was trading at $70,000. All market capitalization was $2.79 trillion and thus, only nine percent short of its peak of $3.08 trillion set in November 2021. On Wednesday morning during the Asian trading session most crypto currencies were flat as the large cap coins setback a bit which saw DOGE, shib and ict gain a bit marginally.