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

Odaily Odaily News: Analysts at Glassnode, a crypto data provider, said that Bitcoin's monthly profits have historically been between $30 billion and $50 billion before demand dried up and the rally cooled. In contrast, about $20.4 billion has been realized in profits since Bitcoin entered its latest record-breaking discovery phase. Although profit-taking has been large, profit levels are still below historical peaks, suggesting that there is room for further gains before potential demand is exhausted. The current cost basis for new or short-term investors is about $66,800, which puts the upper and lower limits of Bitcoin prices at about $94,900 and $51,600, respectively, but if Bitcoin approaches the upper limit of $94,900, it may show that "demand is slowing, and the price is high enough for many existing holders to increase selling pressure."