- In one week, the price of BTC was able to climb to its 2023 high before dropping back down to $40.2K on Sunday.
- Glassnode data suggests that short-term holders could be behind the drop in BTC’s price.
- BTC’s price dropped by a further 2% over the past day, which brought its trading value down to $41,113.63.
The market intelligence platform, Glassnode, shared in a n X post yesterday that Bitcoin (BTC) 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.
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 third largest downward move of 2023.
#Bitcoin 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.Discover… pic.twitter.com/KSnJI3x8Ch
— glassnode (@glassnode) December 12, 2023
After a very strong year, BTC…
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