The price of Bitcoin is stuck within $ 81,000 to $ 86,000 consolidation area over the past week, showing a high indecision between the bulls and the bears. While most indicators of the chain are Paint a baisse -like image For the main Cryptocurrency, the latest task suggests that the bull run may not be over yet.
BTC Investor not yet in full panic mode: Blockchain Firm
In a new post on the X platform, Blockchain Analytics Glassnode revealed That a specific class of bitcoin holders called “short-term holders” (Sth) is facing an increasing market pressure. This observation on the chain is based on the value of unrealized losses for this investor cohort.
For clarity, an unrealized loss refers to one that is still on paper, as the investor still holds and sells an asset (with a declining value). A loss only becomes “real” or “realized” when the holder sells access to a value lower than the purchase price.
According to Glass nodeThe unrealized losses from Bitcoin investors have climbed in recent weeks, which in particular has driven the short-term holders against a significant +2σ threshold. The relative unrealized loss metric that hits the extreme +2σ threshold has been associated with increased sales pressure in the past.
Glassnode, however, noted that the size of the Sth loss still falls within the range that is usually observed in a bull market. Specifically, the size of these losses fades in comparison with the market -wise sales witnessed in 2021, suggesting that Bull bike may not be done yet.
Source: @glassnode on X
To further illustrate this, Glassnode revealed that the rolling 30-day realized loss for Bitcoin short-term holders has now exceeded $ 7 billion, which represents the largest sustainable loss event in the current cycle. Despite the importance of this figure, it is still much less serious than the capitulation events seen at the beginning of previous bear markets.
For example, Bitcoins realized losses to as high as $ 19.8 billion and $ 20.7 billion during the major price corrections in May 2021 and 2022 respectively. Given realized losses Is still well below previous capitulation events, there is a chance that the market has not yet reached a full -scale panic mode.
Bitcoin price
From this writing, the price of Bitcoin amounts to approximately $ 84,300, which reflects an increase of 0.3% over the past 24 hours. According to data from Coytecko, the Cryptocurrency flagship is down by only 0.6% over the past seven days, emphasizing the market’s choppy conditions.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Image from iStock, chart from tradingview
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