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Bitcoin's Profit-Taking Leads to Over 7% Weekly Drop Below $117K
The price of Bitcoin has fallen below $117,000 as sell-offs for profit-taking surged significantly.
Glassnode data indicate that long-term holders (LTHs) led the sell-off, locking in a profit of $1.96 billion. Short-term holders (STHs) followed suit, benefiting by $1.54 billion. This profit-taking event ranks as one of the largest over the past year. Even resolute long-term investors could not resist the recent price rally.
Over the last week, Bitcoin has declined by more than 7%, currently trading at approximately $116,700.
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AI Analysis
The recent decline in Bitcoin's price can be largely attributed to a substantial profit-taking event involving both long-term and short-term investors. Data from Glassnode reveal that long-term holder...
AI Recommendation
Given the recent sharp decline and significant profit-taking, it is prudent for investors to re-evaluate their positions. Long-term holders who have already realized gains should consider whether to r...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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