Bitcoin long liquidations have surpassed short liquidations in the last 24 hours, indicating a rise in sell pressure. CoinGlass reported that long liquidations amounted to $20 million, while short liquidations were below $10 million. This trend suggests that as Bitcoin's price has slipped by almost 1% and trading volume has dropped by 18%, profit-taking activity among coin holders is gaining momentum. Santiment data shows that Bitcoin's market value to realized value ratio (MVRV) is at its highest level since March 2022, indicating that if all holders sold at the current market value of $34,064, they would realize around 70% profit. Despite profit-taking, the spot market remains bullish, with BTC bulls in control according to the Directional Movement Index (DMI). The Average Directional Index (ADX) also suggests that the bears will find it challenging to regain market control.