Bitcoin tumbles will be ‘less abrupt’ after realized profit drops 76%

Bitcoin’s daily realized profit metric has fallen 76% since the initial hype about $100,000 Bitcoin began to wane, according to crypto analysts

Near-term Bitcoin price dips probably won’t be as deep as last week’s 10% plunge, as selling pressure has significantly eased since its first spike above six figures, according to one crypto analysis. Others remain skeptical

With such a decline in realized profit and sell-side pressure, we can expect future declines to be less abrupt than the one experienced last week,” Bitfinex analysts said in a Dec. 9 markets report

On Dec. 6, over 24 hours, Bitcoin (BTC) dropped almost 10% from $103,493 to under $93,000, just one day after surpassing the $100,000 price level for the first time on Dec. 5, according to CoinMarketCap data

Bitcoin is up 0.34% over the past seven days. Source: CoinMarketCap

Cointelegraph reported that the sudden price decline from $98,338 to $92,957 triggered over $303.5 million in liquidations of long positions within the hour, pushing total liquidations over the 24 hours to $404 million.