Bitcoin's Bottom: Why Long-Term Holders Losing $280M Daily is the Ultimate Barrier
Bitcoin is currently navigating a high-stakes bottoming process that requires a fundamental shift in holder behavior. According to Glassnode, the asset is struggling to maintain momentum as long-term holders continue to face massive daily losses of roughly $280 million, creating significant downward pressure on the market.
To secure a definitive bullish reversal, Bitcoin must breach key psychological and technical levels, specifically the short-term holder cost basis and the True Market Mean. Until these metrics are surpassed, the market remains in a fragile state of recovery, caught between accumulation and ongoing liquidation.
Bitcoin's recent price action has been volatile, climbing from $58,300 to $64,400 before retreating to $62,700 over the past week. This bounce, however, leaves the price trailing behind two vital benchmarks tracked by Glassnode: the True Market Mean near $76,600 and the short-term holder cost basis near $72,200. The firm suggests that while Bitcoin is in the later stages of a bottoming process, the massive daily losses of $280 million among long-term holders remain a critical hurdle for a sustained rally.
This is a summarized and adapted version by Artificial Intelligence. To read the complete original story, visit the official source.
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