BEARISH 📉 : Profit-taking hits $17M/hour, Glassnode says Bitcoin expansion unlikely near term
Glassnode data points to weak near‑term upside for Bitcoin. Profit‑taking spiked, and short‑term holders moved coins to exchanges, capping rallies (NewsBTC, Glassnode, Darkfost).
Glassnode says the Net Realized Profit/Loss (24h MA) hit about $17M per hour before price reversed. The profit‑taking absorbed bullish momentum and flipped it into selling pressure (Glassnode).
They add that geopolitical uncertainty has compressed demand depth. Realization waves are now too heavy for the market to absorb, aligning with the slip under $70,000 (Glassnode).
On-chain activity picked up as investors repositioned liquidity after a key support break, but liquidity remains thin. Recent rebounds lean on seller exhaustion, not steady demand, so rallies fade quickly when supply hits the market (NewsBTC, NewsBTC).
Short‑term holders are realizing losses. Over 28,000 BTC moved to exchanges in recent weeks as price trended lower, adding potential sell pressure (Darkfost). NewsBTC warns that panic‑driven sales from this cohort can amplify bearish momentum (NewsBTC).
BTC hovers near $70k with muted 24h change (NewsBTC).