Glassnode: Bitcoin's profit-taking is only half of its previous historical high, indicating there is still room for growth

Bitcoin has risen more than 40% since Oct. 13. However, traders remain confident in its upside potential, noting that profit-taking has been only about half as aggressive as in previous all-time high cycles. “While profit-taking has been strong, it remains below all-time highs, suggesting that there is further room to move higher before potential demand exhaustion is reached,” Glassnode said in a recent market report. Glassnode explained that since Bitcoin topped $73,679 on Nov. 5, “realized profits” have averaged about $1.56 billion per day, nearly half of the $3 billion seen during the previous all-time high in March. “We have observed $20.4 billion in realized profits since entering the latest ATH discovery phase,” the report added. (Cointelegraph)