According to analysts, Bitcoin investors started to take profits similar to the periods when the price rose up to $ 69,000.
James Van Straten, from the crypto research firm CryptoSlate team, commented on the exchanges billions of dollars detected that it was sent.
Van Straten after Bitcoin price exceeded $ 38,000 “short-term investors experienced the most significant profit taking since November 2021.”He said that he started the trend.
“Short-term investors” who hold Bitcoin in their wallets for less than 155 days are taking advantage of the rise in price. took profits worth approximately $1.5 billion. Despite that, Long-term investors prefer to keep their coins continues.
Philip Swift, founder of Look Into Bitcoin, used the Golden Ratio Multiplier metric in his assessment of the current situation of Bitcoin and stated that one of the current resistance points is $43,793 said that.
the #bitcoin Golden Ratio Multiplier is now approaching resistance.
These lower fibs have historically acted as resistance in early bull markets.
x1.6 (green line) currently at $43,739 and climbing. pic.twitter.com/MvjzFke3yv
— Philip Swift (@PositiveCrypto) December 5, 2023