CryptoQuant data reveals that long-term Bitcoin holders cashed in profits after BTC soared to an all-time high of $104,000. The long-term holder spent output profit ratio, which gauges the comparison between entry and selling prices, spiked once Bitcoin surpassed $100,000.
The LTH-SOPR reached four on CryptoQuant’s chart, signifying that sellers reaped four times the amount they initially spent on acquiring Bitcoin. This implies that recent sellers likely entered the market around the $20,000 level, a price not seen since 2022’s market slump.
With BTC breaking $100,000 for the first time, investors are now eyeing U.S. economic data. The upcoming jobs report on Dec. 6 could potentially sway Bitcoin’s bullish trend. While traders anticipate a 25 basis point rate cut by the Federal Reserve on Dec. 18, lower interest rates usually lead to more liquid markets, potentially funneling capital into Bitcoin and other digital assets. However, Bitfinex’s head of derivatives, Jag Kooner, warns that the opposite could also exert “downward pressure” on BTC.
Despite the recent rally, B2BINPAY CEO Arthur Azizov contends that a market correction is due for Bitcoin, especially after breaching the $100,000 psychological milestone. Azizov suggests that a pullback below $90,000 would be beneficial for BTC, considering its 54% spike post Donald Trump’s re-election.
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