Bitcoin (BTC), the first macro asset in 150 years, is experiencing stagnation after it breached the psychological $100,000 price.

As reported by U.Today, despite over seven days of trading above this level, the asset has not been able to retest its all-time high (ATH).

Bitcoin (BTC) is experiencing stagnation after it breached the psychological $100,000 price, and the asset has not been able to retest its all-time high (ATH).

As reported by U.Today, despite over seven days of trading above this level, the asset has not been able to retest its ATH.

It is noteworthy that 174,380 BTC, worth $18.34 billion, have created a sell wall for Bitcoin, as these coins are currently “Out Of The Money.”

This volume of Bitcoin comes from 296,520 addresses that bought Bitcoin when the price was between $104,310 and $106,839. This places the average purchase price for these investors at $105,169.

Hence, these out-of-the-money traders are anticipating a breakout in Bitcoin's price to the level at which they bought it so they can sell.

These investors also hope to make a profit, like others who bought the asset at a much lower price.

The development has prevented Bitcoin from attaining new heights as traders sell off once the price rises.

At press time, trading volume is up by 13.37% to $49.87 billion in the last 24 hours. This suggests that investors are not rushing to accumulate the coin due to the prevailing sell wall.

Meanwhile, Bitcoin is changing hands at $103,689.18, a 1.62% increase within the same time frame.

According to the IntoTheBlock chart, about 94.88% of investors are “In The Money.” These traders account for 18.87 million BTC, valued at $1.96 trillion. This suggests that they are profit-taking at the moment.

Only 4.24% of investors holding 843,500 BTC valued at $87.4 billion are “At The Money,” as they are neither making a profit nor a loss.

This article was originally published on U.Today

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