Analysis: Bitcoin profit taking suppresses bull market progress, whale accumulation is slowing down

analysts warned that if Bitcoin fails to hold the previous historical high point in December 2024 when the weekly closing is approaching, the market may face a "deep pullback". The price of Bitcoin has fallen below the support level touched for the first time at the end of 2024, and the current resistance mainly comes from profit-taking behavior, with profit-taking pressure suppressing the bull market process.

CryptoQuant's latest research report pointed out: "Some demand indicators for Bitcoin may be touching short-term highs, or indicating that the current uptrend will pause. The estimated growth in Bitcoin demand over the past 30 days is 229,000 coins, close to the previous high of 279,000 coins set in December 2024, and whale holdings have increased by 2.8% in recent months, a growth rate that often indicates a slowdown in whale accumulation behavior. When the price is at $111,000, the average unrealized profit exceeds 30%, which also suggests that the uptrend may pause."