As Bitcoin [BTC] struggles to break past $28,000, is a trend reversal likely?
As per the analysis, the issue was profit-taking by investors who acquired Bitcoin at a level of $28,600. This cohort held the coins for a period ranging from 3 months to 6 months.The author used the Bitcoin: Sum Coin Age Distribution chart to establish his point. After 2 May 2023, a strong decline was seen on the chart, indicating that the group of investors must have liquidated their holdings in large quantities.
This suggested that Bitcoin buyers who made their purchases during the stated time frame probably wanted to realize their profits. And due to the rise in market sales volume, there was pressure on the price. Therefore, restricting BTC’s price from moving up.whales were reacting differently. As per Glassnode, the largest whales, those with more than 10,000 BTC, changed from an accumulation-heavy regime to one with evenly balanced inflows and outflows.
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