Although the price of Bitcoin (BTC) has seen a few bullish attempts, all of these have failed to break a crucial resistance, and one of the reasons is profit-taking by investors who have acquired the flagship decentralized finance (DeFi) asset at a certain level.
Specifically, investors who have bought Bitcoin at a level of $28,600, and have held on to it for between three and six months, have likely decided to realize their profits, according to the observations of analyst Axel Adler Jr. over at the cryptocurrency analytics platform CryptoQuant shared on May 18.
As the expert explained, the Bitcoin: Sum Coin Age Distribution chart, which shows the distribution of coin holders by their holding duration, indicates a massive decline after May 2, “pointing to a mass liquidation of assets by this cohort of investors.”
Bitcoin sum coin age distribution chart analysis. Source: AxelAdlerJr / CryptoQuant
Indeed, Adler Jr. concludes that such movements are “a typical reaction to a market
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