Analysis: Bitcoin rally stalls as long-term holders cash out

PANews reported on July 15 that according to CoinDesk, the price of Bitcoin fell from the historical high of $123,000 set on Monday to below $117,000, down about 5% from the peak. The decline was due to investors taking profits after the sharp rise in Bitcoin prices over the weekend, becoming one of the largest profit-taking events in Bitcoin this year. Glassnode data shows that Bitcoin investors have made a total profit of $3.5 billion in the past 24 hours, of which 56% of the profits were obtained by long-term investors who held for more than 155 days. The rapid rise in the price of Bitcoin from $108,000 to $123,000 has led to scarce transactions in the $110,000 to $116,000 range, resulting in a clear supply gap. Glassnode's unspent transaction output realized price distribution indicator shows that the supply of Bitcoin in this range is extremely small, making the market vulnerable to violent fluctuations in both directions.