Glassnode: If BTC approaches $94,900, it may indicate a slowdown in demand, and existing holders may increase selling pressure.

According to Golden Finance, analysts from Glassnode, an encryption data provider, stated that the monthly profit of BTC has always been between 30-50 billion US dollars before the demand is exhausted and the upward trend cools down. In contrast, the realized profit since BTC entered the latest record-breaking discovery phase is about 20.4 billion US dollars. Although the profit retracement is significant, the profit level is still lower than the historical peak, indicating that there is still room for further pump before potential demand is exhausted. Currently, the cost basis of new investors or short-term investors is about $66,800, which sets the upper and lower limits of the BTC price at approximately $94,900 and $51,600, respectively. However, if BTC approaches the upper limit of $94,900, it may highlight the “slowdown in demand and the time when the price is high enough to increase selling pressure for many existing holders”.