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Bitcoin (BTC) has once again slipped under the $120,000 price mark, retracing after reaching a new all-time high above $124,000 last week. As of the latest market data, BTC is trading around $115,557, down 2.5% in the past 24 hours and nearly 7% below its peak.

This price movement suggests that the asset is currently consolidating after its recent rally, leaving market participants watching closely for the next directional move.

Meanwhile, analysts are turning to on-chain data for signals on Bitcoin’s potential trajectory. One such perspective comes from PelinayPA, a contributor to CryptoQuant’s QuickTake platform, who examined long-term holder (LTH) behavior using a set of profit and loss metrics.

The findings highlight that while profit-taking has begun, current selling levels remain below historical extremes seen in past bull market peaks.

Related Reading Tracking Long-Term Holder Signals

According to PelinayPA, the LTH analysis uses several

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