Rally

2024

Bitcoin

April

<p>The cryptocurrency market is witnessing a significant event as Bitcoin reaches all-time highs. Long-term Bitcoin holders are proactively responding to this BTC surge by making strategic decisions to maximize their gains.</p> 
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     <p lang="en" dir="ltr">Glassnode Highlights Intensified Profit-Taking Amidst <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>'s Rally to New Heights <a href="https://t.co/eypFMyQ6zV">https://t.co/eypFMyQ6zV</a></p>— Bitcoin.com News (@BTCTN) <a href="https://twitter.com/BTCTN/status/1775292195152580878?ref_src=twsrc%5Etfw">April 2, 2024</a>
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<h2 id="h-crypto-bitcoin-record-profit-taking-according-to-glassnode">Crypto Bitcoin: “Record profit-taking,” according to Glassnode</h2> 
<p>Glassnode’s analysis sheds light on an unprecedented dynamic as the <a href="https://www.cointribune.com/en/crypto-markets/bitcoin-btc-en/" target="_blank" rel="noreferrer noopener">price</a> of Bitcoin (BTC) reaches new highs. Long-term holders are reacting with a profit-taking that breaks all records.</p>
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<p>In fact, every day, <strong>$2.6 billion in profits</strong> are realized, testifying to the magnitude of this crypto trend. This reaction follows a historical pattern, with striking similarities to previous cycles.</p> 
<p>As explained by Glassnode’s <a href="https://insights.glassnode.com/the-week-onchain-week-13-2024/" target="_blank" rel="noreferrer noopener">report</a>: <em>“This price evolution aligns very closely with the previous cycle 2018-21.”</em></p> 
<p>This trend shows the importance of long-term Bitcoin (BTC) holders in the profit-taking process. They contribute to the selling pressure, in addition to influencing the market dynamics of Bitcoin.</p> 
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<h2 id="h-the-response-of-long-term-bitcoin-holders-examined-in-detail">The Response of Long-Term Bitcoin Holders Examined in Detail</h2> 
<p>Glassnode emphasizes a <strong>15.4% retraction</strong> from the peak of $73,794, followed by a robust recovery. During this pullback, a total of 2 million BTC went from a ‘profit’ status to ‘loss’.</p> 
<p>Long-term Bitcoin holders play a key role in <a href="https://www.cointribune.com/en/bitcoin-in-freefall-cryptoinvestors-on-the-brink-of-financial-disaster/" target="_blank" rel="noreferrer noopener">this dynamic</a>, demonstrating their ability to make strategic decisions to maximize their returns. They create <strong>supply clusters between $61,200 and $73,200</strong>. This indicates increased activity as traders adjust to the new market landscape.</p> 
<p>In any case, the reaction of long-term Bitcoin (BTC) holders is not unusual. Nevertheless, crypto investors must pay special attention to it in order to anticipate <a href="https://www.cointribune.com/en/bitcoin-at-1-million-in-2024-martin-shkrelis-bold-prediction/" target="_blank" rel="noreferrer noopener">future market movements</a> of Bitcoin.</p> 
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Bitcoin: The flagship crypto’s volatility prompts long-term holders to take profits.

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