Bitcoin

<h2 id="quick-take">Quick Take</h2>
CryptoSlate’s recent data analysis reveals intriguing patterns in<a href="https://cryptoslate.com/insights/bitcoin-price-surges-4-as-short-term-holders-rush-to-sell/" rel="noopener noreferrer nofollow"> Bitcoin profit-taking</a> behaviors amid volatile market conditions. The analysis showed that the Bitcoin price level of <a href="https://cryptoslate.com/insights/bitcoins-october-surge-leaves-one-buyer-group-in-the-cold/" rel="noopener noreferrer nofollow">$35,000</a> has acted as a short-term resistance, with a surge in profit-taking around this point.
Specifically, on Oct. 24, over $1.5 billion of realized profit was reported, marking the second-highest profit-taking event this year. The only other higher instance occurred on May 7, coinciding with Bitcoin’s significant drop from $30,000 to $25,000.
<figure id="attachment_369591" aria-describedby="caption-attachment-369591" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-369591 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/RPL.png" alt="Net Realized Profit/Loss: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/RPL.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/RPL-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/RPL-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/RPL-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/RPL-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-369591" class="wp-caption-text">
 Net Realized Profit/Loss: (Source: Glassnode)
 </figcaption>
</figure>
The data further showed that a majority of this profit-taking was led by short-term holders, specifically those who purchased Bitcoin within the last 155 days when the price rose from $25,000 to $34,000.
Interestingly, profit-taking among long-term holders appeared to be minimal, accounting for a mere $100 million. This indicates a level of steadiness in the market amid shorter-term turbulence.
<figure id="attachment_369599" aria-describedby="caption-attachment-369599" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-369599" class="wp-caption-text">
 Long-term holder in profit to exchanges: (Source: Glassnode)
 </figcaption>
</figure>
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/bitcoin-price-surge-to-35000-triggers-over-1-5b-in-profit-taking/">Bitcoin price surge to $35,000 triggers over $1.5B in profit-taking</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Bitcoin price surge to $35,000 triggers over $1.5B in profit-taking

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