Bitcoin Climbs Past $84K Amid Weakened Profit-Taking

Bitcoin's price has continued to climb, reaching $84,358. Despite this rise, on-chain data suggests that profit-taking has weakened compared to August. Analyst Axel Adler Jr notes that seven-day realized profits have decreased from $9.1 billion at the August 26 peak to $7.3 billion at the September 24 peak.

Realized losses have also fallen over the same period, decreasing from $2.6 billion to $1.5 billion. The short-term holder profitability, measured via STH SOPR, has stayed above 1 since August 20, indicating that holders are still selling at a profit on average. However, this margin has narrowed from 2.8% in late August to just 1% by September 28.

Adler suggests that this pattern may indicate sellers are holding back in anticipation of further gains. However, if STH SOPR falls below 1 alongside negative realized profit/loss, it could signal a shift towards deterioration.