Analysis: Bitcoin's uptrend stagnates due to long-term holders cashing out

According to CoinDesk, the price of Bitcoin has fallen from its historic high of $123000 set on Monday to below $117000, a drop of about 5% from its peak. The recent decline was due to investors taking profits after a significant increase in Bitcoin prices over the weekend, making it one of the largest profit taking events for Bitcoin this year. According to Glassnode data, Bitcoin investors have earned a total of $3.5 billion in the past 24 hours, of which 56% of the profits were obtained by long-term investors who held for over 155 days. The price of Bitcoin quickly rose from $108000 to $123000, resulting in scarce trading in the $110000 to $116000 range and a significant supply gap. The price distribution indicator of Glassnode's unused transaction output shows that the supply of Bitcoin in this range is extremely low, making the market vulnerable to severe fluctuations in both directions.