Bitcoin (BTC) continues being the talk of the town after it hit a new all-time high (ATH) of $61,781 after a weekend where President Joe Biden approved a $1.9 trillion COVID-19 stimulus package.
Nevertheless, the price has retracted to $57,759 at the time of writing, according to CoinMarketCap. Crypto analyst Lark Davis has noted that this pullback is being caused by Bitcoin whales’ profit-taking tendencies. He explained:
“Whale addresses holding 1,000 or more Bitcoin have been selling, this does not mean the bull run is over, it just means that profit-taking is happening.”
Davis acknowledged that the current retracement doesn’t mean that the Bitcoin bull run is over. Analysts have noted that whenever a new ATH is hit, big holders or hodlers usually sell to cash in profits, hence pushing the price down so that they can buy at a low.
Jan & Yann, the co-founders of leading on-chain data provider Glassnode, believe that the next leg up is gaining steam given that…
