After topping $50,000, multiple data points suggest that Bitcoin investors are beginning to consider taking some profit.
Bitcoin (BTC) price breached $50,000 on Feb. 12 for the first time since December 2021. After rallying 15% in February,
However, as shown on Bitcoin’s daily chart, BTC currently faces overhead resistance at $50,000, and the price retraced by over 2% on Feb. 13 after the United States Consumer Price Index (CPI) report indicated 3.1% annual inflation, which was higher than the consensus expectation.
Bitcoin holders have enjoyed a positive start to 2024, but data from blockchain analytics firm Glassnode suggests that the market may enter a transitional phase. Reporting from Glassnode highlighted that long-term BTC holders have spent more than 300,000 BTC since November 2023.
