Bitcoin dips below $103k as Glassnode points to profit takers
Bitcoin gave back all of its gains after soaring past the $105,000 mark early Monday morning amid encouraging trade deal developments.
Gains across risk assets have accelerated in the past few days, with Bitcoin (BTC) surging after it crossed above $100k last week.
Alongside stocks, Bitcoin surged to a multi-month high of $105,000. Like equities, BTC’s price jumped following progress in U.S.-China trade talks over the weekend. A White House announcement regarding a 90-day agreement to slash reciprocal tariffs added further tailwinds.
But while the spike has fresh interest in Bitcoin on the upward, the benchmark cryptocurrency has revisited lows of $103k as analysts suggest profit takers have swung into action.
According to on-chain analytics firm Glassnode, profit-taking is likely contributing to this short-term dip. The platform noted on X that BTC Supply Mapping shows continued strong demand, as the First-Time Buyers Relative Strength Index remains elevated.
However, momentum buyers signal weakness, with no follow-through likely to hit prices. Amid this, there’s a BTC cohort coming to the party early: profit takers.
Glassnode says the pace of profit-taking has increased, and in the absence of new inflows, Bitcoin may enter a consolidation phase. However, analysts at Bitfinex maintain that macro tailwinds could help bulls absorb any short-term dips.
Capital rotation into BTC looks strong, with the benchmark digital asset’s realised cap recently hitting a new all-time high, the analysts said in their Bitfinex Alpha report.
Notable indicators such as exchange-traded funds inflows and dip in coins held at a loss also paint a bullish picture for BTC.
“Coupled with rising spot volumes and institutional-led ETF flows, Bitcoin now sits on a structurally solid footing. As long as macro conditions remain supportive, short-term dips are likely to be absorbed quickly, reinforcing the upside bias and leaving BTC well-positioned for a potential new leg toward fresh highs,” they wrote.
