Svmuu reports that on-chain analysis firm CryptoQuant stated that with the recent price increase, profit-taking activity in the Bitcoin market could increase further.
Data shows that Bitcoin has risen over 20% since the beginning of April, but the firm still defines this market movement as a "bear market rally." Currently, the short-term holder profitability indicator has remained above 1, suggesting that the market has been in a phase of continuous profit-taking since mid-April.
The analysis suggests that although selling pressure is rising, a price correction may still take time to materialize.