Glassnode: If Bitcoin approaches $94,900, it may highlight slowing demand, existing holders may increase selling pressure

Analysts at crypto data provider Glassnode said that before demand dried up and the rally cooled, Bitcoin's monthly profits had historically been between $300- $50 billion. That compares to about $20.40 billion in realized profits since Bitcoin entered its latest stage of record discovery. While profit-taking has been significant, profit levels remain below historical peaks, suggesting there is room for further gains before potential demand is exhausted. The current cost base for new or short-term investors is around $66,800, which puts the upper and lower limits on bitcoin's price at around $94,900 and $51,600 respectively, but if bitcoin approaches the $94,900 cap, it could highlight "slowing demand and a price high enough for many existing holders to increase selling pressure".