Bitcoin, after reaching its all-time high of $69,000, experienced a significant profit realization by investors. According to research and data analyst James Van Straten from crypto analysis firm CryptoSlate, billions of dollars are flowing into exchanges.
The recent price increases in Bitcoin have pleased investors as it reached the highest levels in 19 months. While long-term holders continue to hold their Bitcoins, short-term holders have started to realize their profits. Short-term holders are individuals who hold the asset for 155 days or less and represent the more speculative part of Bitcoin investors.
According to the data, there has been an almost 15% increase in the BTC/USD pair last week, indicating that it is time for investors to reassess their risks. According to Van Straten, the total volume transfer between short-term holders and exchanges, as well as the assets ready for sale, has approached the $5 billion level since the beginning of December.
Philip Swift, the creator of Bitcoin data statistics platform Look Into Bitcoin, highlighted the prominent Fibonacci retracement levels in previous Bitcoin bear markets. Swift shared his Golden Ratio metric, which he developed in 2019 to track the highest levels of price reversal, through the social media platform X.
The low Fib levels mentioned by Swift have historically served as resistance in early bear markets. Swift noted that the x1.6 (green line) level is currently at $43,739 and rising.
