Bitcoin Market Update
The Bitcoin market experienced a slight dip, trading around $109,000 during a slow holiday session, still closely aligned with last week’s record levels. Notably, the primary cryptocurrency has managed to stay ahead by 1.7% over the last 24 hours, delaying profit taking by short-term holders who have accumulated $11.4 billion in profits over the last month according to analysts at Bitfinex.
The surge in profits indicates a potential stall in Bitcoin’s rally unless new investments come to balance the profit-taking trend. Bitfinex also noted that unless fresh capital enters the trading space, Bitcoin prices may continue to oscillate.
Key Points:
- Bitcoin hovered at $109,000 amid soft trading conditions.
- The 20-coin index reflected positive movements from tokens like UNI and AVAX, which recorded gains.
- In light of reduced risks linked to the Trump tariff proposals, European stocks showed a favorable reaction that boosted optimistic sentiments in the markets.
Profit-Taking By Short-Term Holders
Reports indicated that short-term Bitcoin holders have seen a significant uptick in profit realization, putting the current price growth at risk of stagnation unless new investments arrive to absorb the selling pressure. Analysts emphasized that the upcoming days are crucial to determine a potential deeper correction into the market.
Read further insights in CoinDesk’s complete coverage.
