This Cohort Is the Main Force Behind Bitcoin’s Resistance in Price

Bitcoin recently experienced an 18% correction from its all-time high, aligning with typical bull market retracements. Analyst Checkmate asserts that the main source of sell-side pressure, causing price resistance, is not manipulation but existing Bitcoin holders taking profits. Revived supply has hit a cycle high of $2.9 billion per day, with 47% of selling pressure coming from coins held for six months to one year, suggesting recent buyers are realizing gains. This profit-taking is further evidenced by realized profits surging to about $1.7 billion daily, while realized losses have also climbed, indicating significant profit-taking is weighing on the price.

(Source：CoinDesk)