Bitcoin is experiencing downward pressure as large holders and miners take profits following its recent all-time high of $123,300 on July 14. On-chain data from CryptoQuant indicates this is the third wave of significant profit-taking since mid-2024. Miners have reportedly sold about 15,000 BTC immediately after reaching the peak. Options traders are preparing for potential price retracements of 10-30% in the coming month. Although some traders foresee a difficult Q3, others remain optimistic. Capriole Fund's founder Charles Edwards argues Bitcoin is undervalued, based on its intrinsic value related to energy consumption in mining. Historically, Bitcoin has also shown strong returns in Q4, suggesting possible future gains. The market is largely stuck in a narrow range, with Bitcoin not yet reclaiming its previous peak, indicating a phase of consolidation and caution among investors.

Source đź”—