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Bitcoin Closer to Bottoming Phase Than Early Bear Stage, Report Says

A new Glassnode report suggests Bitcoin may be closer to a bottoming phase than the early stage of a bear market. The analysis focuses on the "Total Supply in Loss" metric, which measures the amount of Bitcoin held at an unrealized loss. This indicator has surged to 9.2 million BTC, its highest level since the last bear market, meaning nearly half of all circulating supply is in loss. This pattern aligns with historical bear markets where such high loss concentrations often signaled exhaustion of selling pressure and preceded market bottoms. While the current level hasn't surpassed previous cyclical bottoms, the market structure resembles the latter stages of past bear markets rather than their beginning. Despite ongoing volatility, this indicates a potential bottoming range. Bitcoin's price recently touched $69,000 but has since back to around $67,300.

bitcoinist02/27 14:31