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Bitcoin Faces Potential Downturn As Profits Are Taken, Glassnode Data Shows

Experts are raising a cautionary flag for Bitcoin (CRYPTO: BTC) investors, suggesting the market may be entering a period of volatility and price correction. What Happened: Bitcoin pared its gains from a high of around $68,000 early Thursday morning. It’s currently trading at $66,550 levels — up about 3% over the last 24 hours. According to a Glassnode analysis, the current market conditions, characterized by significant gains in investor portfolios, historically lead to a phase where profit-taking begins to escalate. “We’ve got enough green in everyone’s portfolio that people historically spe…