Key Takeaways
- Bitcoin has dropped below a crucial bear-market cost-basis level as identified by Glassnode.
- Falling under this threshold signals Bitcoin is now in bear-market territory.
Bitcoin dropped below a critical bear-market threshold, specifically the 0.75 cost-basis quantile, according to analysis from Glassnode, an on-chain analytics firm that provides data-driven insights into cryptocurrency markets.
The break below this key cost-basis level signals Bitcoin’s entry into bear-market territory, with Glassnode noting that reclaiming this threshold is essential for restoring a bullish market structure.
The cryptocurrency is currently in a downtrend with momentum appearing oversold, though sell-side pressure is starting to ease, suggesting early signs of stabilization.
Long-term holders are moderating their distribution after weeks of heavy selling, indicating that aggressive supply pressure may be fading.
Source: https://cryptobriefing.com/bitcoin-bear-market-glassnode-analysis/