Bitcoin (BTC) has pulled back after hitting successive all-time highs in recent days as investors take profits in the world’s largest cryptocurrency.
Bitcoin is currently trading at $117,064.96 U.S. after briefly topping $123,000 U.S. on July 14, a record high.
In the past 24 hours, the price of BTC has declined about 5% as investors around the world lock in gains following a blistering rally over the last week.
Analysts say Bitcoin is now experiencing the biggest profit-realization event of this year after the cryptocurrency’s price rose above $120,000 U.S. for the first time.
Data from website Glassnode shows that investors booked $3.5 billion U.S. in Bitcoin profits over the past 24 hours, with the majority involving g long-term holders of the digital asset.
The profit taking comes after Bitcoin climbed 14% higher, jumping from $108,000 U.S. to $123,000 U.S., in a week as bullish sentiment grips the crypto market.
While many investors remain long-term bullish on Bitcoin and other cryptocurrencies, analysts say profit-taking is to be expected after such a dramatic move higher in an asset.
Options traders continue to take out bullish bets that BTC will trade above $130,000 U.S. by September of this year.
So far in 2025, Bitcoin has gained 25%, outpacing stocks and bonds.
