Glassnode: Current Bitcoin price behavior is very consistent with the previous 2018-2021 cycle

Blockchain analysis company Glassnode disclosed in a document that as the price of Bitcoin fell by 15.4% from its latest high of $73,000, this price behavior is very consistent with the previous 2018-21 cycle. Data shows that Bitcoin prices hit US$73,100 on March 13, fell to a low of US$61,800 on March 20, and then recovered to the US$70,000 range. When the market encountered resistance, Bitcoin investors have sold and made profits of more than 26 billion, marking an increase in profit-taking incidents. As the price retreated from its all-time high to recent lows, a total of 2 million Bitcoins moved from "profitable" status to "lossy" status.