Bitcoin metric warns of $21,000 profit taking as decade-old BTC wakes up
Bitcoin is getting livelier at current six-week highs, data shows, as profit taking returns to the spotlight. p>
Market news
Bitcoin (BTC) dormant for a decade wakes up this week as BTC price action hits six-week highs.
Data from on-chain analytics firm Glassnode shows that some of the oldest “dormant” bitcoins are coming back into circulation.
BTC trends come out of hibernationAs BTC/USD makes a strong comeback in the second half of October, hodlers are changing their behavior after a year-long bear market.
According to Glassnode, the number of Bitcoins previously stationary in their wallet for 7-10 years but inactive again reached a one-month high on October 29.
This is actually the latest in a series of such highs, the previous one having been observed on October 1.
![](https://s3.cointelegraph.com/uploads/2022-10/3b15e01f-f72a-470a-bb09-f60b3912e6f9.png)
Further figures reveal that Unspent Transaction Outflows (UTXO) in profits hit a one-month high of over 73% on October 28, targeting to eclipse September levels.
Glassnode shows that the transfer of Bitcoin is done quickly with profit, rather than loss.
![](https://s3.cointelegraph.com/uploads/2022-10/b2896047-56be-4014-86f8-32dc4359a649.png)
The data supports the theory that there is a growing desire to engage in profit taking, even among the most seasoned bitcoin hodlers today...
![Bitcoin metric warns of $21,000 profit taking as decade-old BTC wakes up](https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMmU0ODQwOTMtNTI1NS00YmNlLTk0M2YtMDRiZWJjYTRhYWMyLmpwZw==.jpg?#)
Bitcoin is getting livelier at current six-week highs, data shows, as profit taking returns to the spotlight. p>
Market news
Bitcoin (BTC) dormant for a decade wakes up this week as BTC price action hits six-week highs.
Data from on-chain analytics firm Glassnode shows that some of the oldest “dormant” bitcoins are coming back into circulation.
BTC trends come out of hibernationAs BTC/USD makes a strong comeback in the second half of October, hodlers are changing their behavior after a year-long bear market.
According to Glassnode, the number of Bitcoins previously stationary in their wallet for 7-10 years but inactive again reached a one-month high on October 29.
This is actually the latest in a series of such highs, the previous one having been observed on October 1.
![](https://s3.cointelegraph.com/uploads/2022-10/3b15e01f-f72a-470a-bb09-f60b3912e6f9.png)
Further figures reveal that Unspent Transaction Outflows (UTXO) in profits hit a one-month high of over 73% on October 28, targeting to eclipse September levels.
Glassnode shows that the transfer of Bitcoin is done quickly with profit, rather than loss.
![](https://s3.cointelegraph.com/uploads/2022-10/b2896047-56be-4014-86f8-32dc4359a649.png)
The data supports the theory that there is a growing desire to engage in profit taking, even among the most seasoned bitcoin hodlers today...
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