The decline patterns in Bitcoin have re-emerged.

Bitcoin Price Tests Support Levels

Bitcoin briefly dropped to $98,951, testing the support levels of the 365-day simple moving average at $102,055 and the 365-day exponential moving average at $99,924. This situation marks a critical turning point for investors in this cycle.

Long-Term Investors Left Their Profits Behind

Long-term investors reduced their holdings from 14.7 million Bitcoin in July to 14.4 million Bitcoin. This has been the third major profit-taking phase observed since the end of 2023. Investors are opting to realize their gains due to the impacts of market fluctuations.