Repeated Bitcoin profit taking near $77K suggests rally is losing steam
Short-term traders took profit each time BTC rallied above $77,000, creating overhead sell pressure that has capped BTC’s ability to reach $80,000.
Bitcoin’s (BTC) attempt to trade above $77,000 have failed multiple times over the past week, despite traders managing a one-day breakout to $79,500. Data show short-term holders taking profits as the rally peaked, sending 150,000 BTC to exchanges since April 15.
Crypto analyst Darkfost noted the continued fragility among short-term holders (STHs), or wallets holding BTC for less than 155 days. As the price rose over the past two weeks, BTC transfers from these wallets to exchanges increased.
Three consecutive sessions saw 65,000 BTC, 54,600 BTC and 39,000 BTC sent to exchanges and these flows may have prevented Bitcoin from overtaking the resistance level at $80,000.