BTC correction is a profit-taking move by short-term holders... more upside ahead
![BTC correction is a profit-taking move by short-term holders... more upside ahead](/content/images/size/w1200/2024/03/btc-golddddd.png)
"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.
![blockchain crypto cryptocurrency btc correction profit move (SpotedCrypto)](https://www.spotedcrypto.com/content/images/2024/03/c60404a27220577ca87a447c6e7cd3e4.png)