Bitcoin

Although the price of Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) has seen a few <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> attempts, all of these have failed to break a crucial <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">resistance</a>, and one of the reasons is profit-taking by <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> who have acquired the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset at a certain level.Specifically, investors who have bought <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> at a level of $28,600, and have held on to it for between three and six months, have likely decided to realize their profits, according to the <a href="https://cryptoquant.com/insights/quicktake/6465478d63e4017215afb78b-Why-is-Bitcoin-stuck-at-the-28K-level" rel="noopener noreferrer nofollow">observations</a> of analyst Axel Adler Jr. over at the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> analytics platform CryptoQuant shared on May 18.As the expert explained, the Bitcoin: Sum Coin Age Distribution chart, which shows the distribution of coin holders by their holding duration, indicates a massive decline after May 2, “pointing to a mass liquidation of assets by this cohort of investors.”<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/b5f3e4458e714aac961532e380297bae.png" />Bitcoin sum coin age distribution chart analysis. Source: <a href="https://cryptoquant.com/insights/quicktake/6465478d63e4017215afb78b-Why-is-Bitcoin-stuck-at-the-28K-level" rel="noopener noreferrer nofollow">AxelAdlerJr / CryptoQuant</a>Indeed, Adler Jr. concludes that such movements are “a typical reaction to a market reaching a probable local peak,” and the pressure on the price, which is the result of an increase in market sales volume, is “hindering further growth of Bitcoin.”<h2 id="header-0">Bitcoin price analysis</h2>Meanwhile, Bitcoin was at press time trading at the price of $27,366, recording an increase of 2.14% on the day, as it tries to reverse the losses of 0.44% over the previous week and 8.49% in the last month, according to the latest charts retrieved by Finbold on May 18.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7ad69b51d3ff48b0a926f9bcc28104d9.png" />Bitcoin 7-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Earlier, <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> analyst Michaël van de Poppe <a href="https://finbold.com/bitcoin-must-hold-this-support-to-avoid-crashing-below-26k/" rel="noopener noreferrer nofollow">observed</a> that Bitcoin would need to flip the $27,500 level to trend further upwards after breaking out of the must-hold zone between $26,800 and $27,000, which, according to him, was the make-it-or-break-it area for the maiden <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> asset.Interestingly, the number of Bitcoin addresses holding one whole BTC or more has surpassed a record-breaking milestone of one million on May 13, indicating a consistent growth in the adoption of the largest crypto by market cap, as Finbold <a href="https://finbold.com/over-1-million-addresses-now-hold-at-least-1-btc/" rel="noopener noreferrer nofollow">reported</a> on May 16.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Rear more cryptocurrecy news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

This is why Bitcoin is stuck below $28k resistance

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