Bitcoin price recovery ahead as selling pressure eases?

Bitcoin’s short-term holders have moved out of a historically strong selling zone, with the share of their holdings sitting in profit falling to roughly 70% from nearly 100% in late September, according to Glassnode. Summary Glassnode says the share of Bitcoin held at a profit by short term investors has fallen to roughly 70% from nearly 100% in late September. Bitcoin profit taking has slowed considerably since September, with Glassnode reporting that realized profits had fallen to roughly half their previous levels by October 21. US spot Bitcoin ETFs recorded $773.5 million in combined outflows across October 22 and 23. Bitcoin’s latest correction has brought attention to the Federal Reserve’s October 28 interest rate decision, with investors watching for signals that could influence the cryptocurrency’s next price movement. In an October 27 market update, blockchain analytics firm Glassnode said the recent decline in profitability has made Bitcoin a considerably better entry point than it was a month ago for investors expecting the cryptocurrency’s uptrend to continue. Recent bitcoin:native buyers have left the strong sell zone.In late September, almost all short-term holder sup...