On-chain analysis platform Glassnode included in its latest report the pressure of whales on Bitcoin (BTC).
Glassnode shared a report on March 26 that concerned Bitcoin investors. Analysts pointed out that the drop last week to $60,900 for Bitcoin was a movement quite similar to the 2018-2021 cycle, stressing that such corrections were historically seen before the Bitcoin halving.
In addition, it was reminded that with the price heading back towards the $70,000 band, long-term investors could create selling pressure. When the market approached resistance, daily $2.6 billion in profit taking took place, marking one of the highest sell-offs seen in a long time:
As the Bitcoin market approaches the $73,000 ATH resistance, long-term holders increased the general distribution pressure. With investors starting to take their profits off the table, the market saw over $2.6 billion in daily profit taking.
The report also noted the similarity of the distribution pressure from long-term investors to the pressure seen at market tops, reminding that there is always a risk of a new decline on the table.
