Bitcoin has once again captured the spotlight, registering a staggering 72% price increase year-to-date. Opening the year at $42,560 and breaking all-time highs to now trade at $73,000, BTC finds itself in price discovery mode. With no historical price resistance or support, the market is tasked with establishing new benchmarks before the halving.

Despite this impressive rally, there are indicators suggesting that Bitcoin may be on the verge of a price correction.

Bitcoin Whales Are Booking Profits

A notable metric, the Short-Term Holder Realized Price and Profit/Loss Margin indicator, reveals that short-term holders are currently sitting on 70% profits in their Bitcoin holdings. This level of unrealized profit, unprecedented in the last three years, hints at a potential sell-off.

This indicator, which tracks the average price at which coins held by short-term holders, less than 155 days, were last moved, suggests a significant portion of these holdings are in profit.

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Author: Ali M.

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