Bitcoin Hovers Above $105K After Epic Rollercoaster Ride!

Bitcoin is chilling just over $105,500 after a wild ride back from its sky-high peak of $111,814 on May 22. Buckle up, folks!

Traders Cashing Out Big Time

The slowdown? It's all about traders snagging their profits after that crazy climb. And let me tell you, signs of exhaustion are popping up left and right, both in how the price is moving and how investors are acting. Glassnode dropped a bombshell on X on June 3, pointing out a rare spike in entity-adjusted realized profit. We're talking over $500 million per hour, and it happened three times in just one day. Holy crypto, Batman!

Realized Profit Surge

Entity-adjusted realized profit shot up above $500M/hour three times in the last 24 hours, screaming that everyone's grabbing their profits like it's Black Friday. This metric gives us the real deal on how much profit is being pocketed across the market, adjusting for all those internal transfers and entity clusters.

And that's not all! Glassnode also saw that the average coin has locked in a sweet 16% profit. Get this: fewer than 8% of Bitcoin's trading days have ever been this profitable for holders. We're talking major profit-taking action here, folks!

The recent #Bitcoin ATH breakout has sent profits soaring, with the average coin snagging a +16% profit. And guess what? Less than 8% of trading days have been this good for investors. We're seeing a serious shift into profit-taking mode.

Momentum Cooling Off

Glassnode didn't stop there. They also spotted a chill in momentum-driven buying by the end of May. Wallets that were adding to their Bitcoin stash like there's no tomorrow? They've slowed down. The relative strength index for these go-getters dropped to around 20, showing their conviction's not what it used to be.

Meanwhile, the profit-taking RSI is climbing toward 77, a pattern we often see right before things peak and excitement turns into caution. And you know what that means: selling pressure's building up. U.S.-listed spot Bitcoin ETFs felt the heat too, with over $157 million in net outflows between May 27 and May 30. That's a sharp turnaround after six weeks of strong inflows that pulled in over $9 billion. But hey, on June 3, we saw a sudden $378 million reversal. Still, it's not enough to fully bring back the bull party.

Bitcoin's Current Vibe

Right now, Bitcoin's just hanging out, up a measly 0.2% today, trading in a tight range between $103,400 and $108,900 over the last week. On the tech side, the daily chart's got Bitcoin drifting sideways within the Bollinger bands, with recent candles cuddling up to the midline around the 20-day moving average.

The indicators? They're not giving us much to go on. The RSI's sitting pretty at 53, right in the middle of nowhere, neither oversold nor overbought. Sure, the longer-term moving averages are still leaning bullish, showing the overall trend's got some muscle. But momentum and MACD? They've slipped into sell territory.

So, can Bitcoin make another run at $110,000? It's possible if the price stays above the 30-day estimated moving average and buyers come back with more firepower. But let's be real, the market might need a breather before it can shoot for those late May highs again. A lot of folks are already cashing out, and the short-term signals? They're cooling off faster than a crypto winter.