The last time the DXY index was above 103, it marked a significant shift in market behavior, notably during the Yen carry trade unwind and coinciding with bitcoin's drop to $49,000.
Over 94% of the bitcoin circulating supply is now in profit, indicating that historical trends suggest potential profit-taking could lead to increased selling pressure as holders liquidate.
Glassnode highlights that penalties of profit-taking appear significant, with realized profits reaching over $11 billion in a week, including $5.6 billion on one day alone.
Long-term holders have proven to be strategic, typically buying during dips and selling in rising markets, yet currently only a small fraction of their holdings are at a loss.
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