Quick Take

Bitcoin’s journey to break the $28,000 mark appears stymied by a surge of profit-taking from short-term holders, a group defined by their possession of Bitcoin for fewer than 155 days.

In recent data, an estimated 20,000 BTC, one of the largest quantities in a year, was transferred to exchanges in profit, indicating a high level of profit realization among these investors.

Significantly, more than 1 million BTC are currently in the hands of short-term holders, a circumstance that adds to the complexity of Bitcoin’s path to higher valuations.

The profound implications of this situation underline the influence of short-term holders on BTC’s market dynamics. Their desire to realize profits swiftly could potentially generate further price volatility.

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