Bitcoin hodlers 'under siege' at $42K as 30% of BTC supply flips from profit to loss

by on-chain analytics firm Glassnode on Monday, 30% of the BTC supply is now at a loss — historically, this has been a key number to defend for bulls.Bitcoin's descent from $69,000 to current levels — at one point over 40% — is nothing unusual, but for long-term investors, there is a specific reason to hope that current support holds.

Looking back at historical price performance, Glassnode reveals that once 30% of the supply goes"underwater," price rebounds often occur. "As the bears apply pressure to the in-profit cohort of holders, Bitcoin bulls are defending a historically significant level of the Percent of Supply in Profit metric," staff explained in the latest edition of its weekly newsletter, The Week Onchain, describing bulls as"under siege."These were the post-Covid market crash in March 2020 and summer 2021, in the aftermath of the China mining crackdown.

"The reaction from this level will likely provide insight into the medium-term direction of the Bitcoin market," the newsletter continued. "Further weakness may motivate these underwater sellers to finally capitulate, whereas a strong bullish impulse may offer much needed psychological relief, and put more coins back into an unrealized profit.""The bull run in July had just begun when it had previously risen to these levels. The bulls are aggressively preparing for the new run," a blog

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin Stable at $42K, Cardano Skyrockets 30% Weekly (Market Watch)Cardano's impressive run continues with another 13% increase on a daily scale and a more notable 30% surge in the past week.
Source: Crypto_Potato - 🏆 568. / 51 Read more »

30% Rally for Bitcoin Is Likely Just Around the Corner, According to Crypto Analyst Justin BennettWidely followed crypto analyst Justin Bennett says that a sizeable rally for Bitcoin (BTC) is a very likely scenario in the coming days. In a new strategy session, Bennett takes a look at patterns in BTC’s historic price action that he says show a 20-30% rally is coming up for the largest crypto...
Source: CryptoPanicCom - 🏆 563. / 51 Read more »

Business Advisory Firm Expects Criminal Cryptocurrency Transactions to Fall by 30% by 2024 – Security Bitcoin NewsIt is easier to integrate anti-blockchain-fraud systems with the 23 blockchains than with thousands of enterprise systems and payment networks. blockchain ransomware Derrick_Jones39 I know we all probably might have heard about Bitcoin but don't know how it works, I tried it in a week ago by a man who recommended me to Derrick_Jones39 on Twitter he guides me through and i made a return of $10500 after a week of trading, connect with him Check out MegaBitcoinBTC, great project with huge potential 😊 made a lot of profit already, we're all still early 🔜💵👍 $FEG Is the future of SmartDefi
Source: BTCTN - 🏆 531. / 51 Read more »

Get a load of the 294-ton ‘Superload’ crawling across Pa. at 30 mphThe super-slow ‘Superload’ snaking its way across Pa. was spotted near Ridgeway on Sunday, just before a winter storm swept in.
Source: PennLive - 🏆 463. / 53 Read more »

Explainer: UK inflation nears 30-year high, but how fast will it fall back?British consumer price inflation looks set to hit a 30-year high of 6% or more in April, but the big question for the Bank of England and the wider public is how quickly it will then fall back. It falls now Transitory......ask America 😂 robertojirusta
Source: Reuters - 🏆 2. / 97 Read more »

OlympusDAO Sheds 30% Triggered by Whale Sell-Off
Source: CryptoPanicCom - 🏆 563. / 51 Read more »