Profit-Taking Weighs on Bitcoin Prices
Bitcoin is trading below $84,000 on Thursday for a third consecutive day as profit-taking weighs on prices. The cryptocurrency surged 6.7% at the start of the week but has since been pulled back by holders selling their assets at substantial profits.
According to data from Santiment, wallets holding between 100 and 1,000 Bitcoin have continued to accumulate the asset, adding 113,950 BTC since July 15. This wallet tier has historically been a strong indicator of market direction, with accumulation often occurring before or during periods of rising prices.
Despite the profit-taking, institutional demand remains strong, with US spot Bitcoin exchange-traded funds recording $346.98 million in inflows on Wednesday. If these inflows persist and accelerate, Bitcoin could extend its current rally.