Based on Biji Network, Bitcoin fell over 12.25% in the past seven days amid ongoing market volatility. CryptoQuant CEO Ki Young Ju stated that Bitcoin is currently in a profit-taking phase, with many traders selling after earlier buying at lower prices. Young Ju noted that this trend could slow upward momentum and suppress prices. He also pointed to historical precedents and the profit and loss index, which measures the average price at which Bitcoin is held, as signs of a potential bear market. Young Ju emphasized that only macro liquidity could reverse the profit-taking cycle, as seen in 2020. Analysts are also watching for a potential price bottom, with Bitcoin currently trading at $83,589.18, up 1.35% in the last 24 hours.
CryptoQuant CEO Says Bitcoin in Profit-Taking Phase
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