BTC profit-taking pressure mounts, analysis shows

As Bitcoin faces resistance around the $75,000 level, on-chain data indicates that investors are increasingly taking profits, CoinDesk reported. The outlet observed that holders are now selling into the rally. This trend is evident in the realized profit/loss indicator, which measures the size of profits or losses incurred when a coin is moved by comparing its current price to its price at the time of its last move. A reading above one suggests that profit-taking is on the rise, and the 30-day exponential moving average (EMA) for this metric is currently at a high of 1.16. With this profit-taking trend strengthening, Bitcoin will need to absorb the available sell-side supply to push above $78,100, CoinDesk concluded.