According to BlockBeats, blockchain analysis firm Glassnode recently revealed that the Bitcoin price performance mirrors the previous 2018-2021 cycle, as the cryptocurrency's price fell 15.4% from its all-time high of $73,000. The market performance, in terms of duration and distance from the April 2021 peak, is almost identical to the situation in December 2020.
Data shows that the Bitcoin price reached $73,100 on March 13, dropped to a low of $61,800 on March 20, and then recovered to the $70,000 range. As the market encountered resistance, Bitcoin investors have already sold for profits exceeding $2.6 billion, indicating an increase in profit-taking events. With the price falling from its all-time high to the recent low, a total of 2 million Bitcoins have transitioned from a 'profit' to a 'loss' state.
