Bitcoin

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 <li><strong>In one week, the price of BTC was able to climb to its 2023 high before dropping back down to $40.2K on Sunday.</strong></li> 
 <li><strong>Glassnode data suggests that short-term holders could be behind the drop in BTC’s price.</strong></li> 
 <li><strong>BTC’s price dropped by a further 2% over the past day, which brought its trading value down to $41,113.63.</strong></li> 
</ul> 
<p>The market intelligence platform, Glassnode, shared in a n X post yesterday that <a href="https://coinedition.com/what-is-bitcoin-everything-you-need-to-know/">Bitcoin (BTC)</a> had a “round-trip” week. This came after the market leader was able to climb to a new yearly high price of $44.6K before dropping sharply to $40.2K on Sunday.</p> 
<p>BTC’s move up to its yearly high was fueled by two rallies of over 5%. However, the cryptocurrency’s selloff was just as powerful, dropping by more than $2.5K. This marked BTC’s&nbsp; third largest downward move of 2023.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> performed a round-trip this week, rallying to new yearly highs before selling off back towards its weekly open. After such a powerful 2023 thus far, the rally seems to have met resistance, with several indicators suggesting a degree of near-term exhaustion.<br><br>Discover… <a href="https://t.co/KSnJI3x8Ch" target="_blank" rel="nofollow">pic.twitter.com/KSnJI3x8Ch</a></p>— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1734592317850374286?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">December 12, 2023</a>
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<p>After a very strong year, BTC…</p>
<p>The post <a href="https://coinedition.com/btcs-round-trip-week-likely-caused-by-short-term-profit-taking/">BTC’s Round Trip Week Likely Caused By Short-Term Profit Taking</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.</p>

BTC’s Round Trip Week Likely Caused By Short-Term Profit Taking

Coin Edition

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