Bitcoin’s daily realized profit metric has fallen 76% after the initial hype about $100,000 Bitcoin began to wane off, according to crypto analysts.
Near-term Bitcoin price dips won’t likely be as violent as last week’s 10% plunge, as selling pressure has significantly eased after Bitcoin’s first spike above six figures, according to a crypto analyst — though others remain skeptical.
“With such a decline in realized profit and sell-side pressure, we can expect future declines to be less abrupt than the one experienced last week,” Bitfinex analysts said in a Dec. 9 markets report.
On Dec. 6, over 24 hours, Bitcoin (BTC) dropped almost 10% from $103,493 to under $93,000, just one day after surpassing the $100,000 price level for the first time on Dec. 5, according to CoinMarketCap data.
