On-chain data shows the Bitcoin profit-taking has risen to a two-month high, which could provide resistance to the BTC surge.
Bitcoin Profit-Taking Volume Has Shot Up With The Price Rise
According to data from the on-chain analytics firm Santiment, investors have started to take profits following the latest cryptocurrency price increase. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” as its name already implies, it tells us how the profit-taking volume in the market currently compares against the loss-taking one.
The indicator separates these two volumes by going through the on-chain history of each coin being sold/transferred on the network to see what price it was previously moved at.
If this last selling price for any coin was less than the current spot price, the sale of that particular coin contributes to the profit-taking volume. Similarly, their transactions would count under the loss-taking volume for the opposite type of
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