Glassnode: Bitcoin approaching $94,900 could indicate slowing demand

Odaily News Analysts at crypto data provider Glassnode said Bitcoin has historically made monthly profits between $30 billion and $50 billion before demand dried up and the rally cooled. In comparison, realized profits have been around $20.4 billion since Bitcoin entered its latest record-breaking discovery phase. While profit-taking has been significant, profit levels are still below historical peaks, suggesting there is further room to rise before potential demand is exhausted. The current cost basis for new or short-term investors is around $66,800, which puts the upper and lower limits of Bitcoin prices at around $94,900 and $51,600, respectively, but if Bitcoin approaches the upper limit of $94,900, it could indicate "slowing demand and the time has come when prices are high enough for many existing holders to increase selling pressure."