Bitcoin Soars Again, Closes the Day Above $100,000

Bitcoin has seen a significant increase in the past 24 hours, surpassing the $100,000 threshold. According to IOMAP data from IntoTheBlock, a key demand zone is located between $94,800 and $97,700, where over 1.3 million addresses have accumulated Bitcoin. This area has become a strong support level, helping Bitcoin rise to $100,000.

Profit-taking by investors appears to have been completed. Data from Glassnode shows that long-term Bitcoin holders have been actively selling over the past few days, with the value of sales dropping to a five-month low on November 10, at -112,471 BTC.

The Hodler Net Position Change indicator tracks the monthly change in supply among long-term Bitcoin holders. A positive value indicates that this group is accumulating, while a negative value signals that profit-taking has taken place.

Furthermore, the decrease in the Bitcoin holding period of these investors confirms that they are taking profits. According to data from IntoTheBlock, in the past 30 days, long-term holders have shortened their holding period by 0.06%.

Long holding periods typically reduce selling pressure, increase the scarcity of Bitcoin in the market, and reflect investors’ confidence in the coin’s upside potential. Conversely, shorter holding periods can increase liquidity and selling pressure, which often signals that investors may be about to take profits, leading to a possible price correction for Bitcoin.