Bitcoin (BTC), the world's largest cryptocurrency, has been trading sideways since hitting an all-time high of $69,000 earlier this week. Bitcoin is currently trading 1.75 percent lower at $63,823 with a market capitalization of $1.203 trillion as of press time. Long-term BTC holders have begun profit-booking and distributing their coins for the first time in six months, according to some on-chain measurements.