Bitcoin (BTC) has pulled back after hitting successive all-time highs in recent days as investors take profits in the world’s largest cryptocurrency.
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Bitcoin is currently trading at $116,031 after briefly topping $123,000 on July 14, a record high. In the past 24 hours, the price of BTC has declined about 5% as investors around the world lock in gains following a blistering rally over the past week.
Analysts say Bitcoin is now experiencing the biggest profit-realization event of the year after the cryptocurrency’s price rose above $120,000 for the first time. Data from website Glassnode shows that investors booked $3.5 billion in Bitcoin profits over the past 24 hours, with the majority involving long-term holders of the digital asset.
Epic Rally
The profit taking comes after Bitcoin climbed 14% higher, jumping from $108,000 to $123,000, in a week as bullish sentiment grips the crypto market. While many investors remain long-term bullish on Bitcoin and other crypto, analysts say profit-taking is to be expected after such a dramatic move higher.
Options traders continue to take out bullish bets that BTC will trade above $130,000 by September of this year and legislation supportive of digital assets, notably stablecoins, is expected to pass in the U.S. Congress and become law. So far in 2025, Bitcoin has gained 28%.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 43.72% in the last 12 weeks.
