BTC correction is a profit-taking move by short-term holders... more upside ahead

"Looking at bitcoin's correction and the associated SOPR (a metric that measures whether holders are selling assets at a profit or loss), it appears to be a short-term holder profit-taking move," said Crypto Dan, a South Korean crypto-quant contributor specializing in cryptocurrency research. "The SOPR data for the past 13 days shows profit-taking behavior similar to previous bull market peaks. While this is a phenomenon that occurs every few years, it is difficult to conclude that (the current move) signals a bull market top given the presence of BTC spot ETFs and institutional buying. After a short term correction, further upside is likely." On CoinMarketCap, BTC is trading down 0.61% at $68,000.05.