Bitcoin Hits Four-Week Low Amid Major Profit-Taking

Bitcoin fell to under $109,000 as long-term holders took profits totaling 3.4 million Bitcoin, coinciding with slowed ETF inflows, indicating potential cycle exhaustion. This decline represents a four-week low at $108,700 on Coinbase, nearing key support at around $112,000. Analysts suggest that another wave of stop-loss selling could occur, especially as many traders are positioned for a fourth-quarter rally. Glassnode's analysis shows profit-taking hitting levels similar to past market cycle tops, suggesting a cooling phase ahead. The Spent Output Profit Ratio indicates that some holders are selling at a loss, a common signal of market stress. The current Short-Term Holder Net Unrealized Profit/Loss is approaching zero, raising the risk of liquidations. Unless market alignment is restored, deeper corrections may follow. The current price of Bitcoin is $109,645, reflecting a 6.5% loss over the past week.

Source 🔗