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Analysis: More than half of Bitcoin holdings are in unrealized losses, and the historical bear market bottom indicator has been triggered again.

MeNews
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ME News Report, June 4th (UTC+8), according to Glassnode data, as Bitcoin briefly dropped to $61.3k, the number of BTC in unrealized loss reached approximately 10.5 million coins, surpassing the 9.8 million coins in profit for the first time, accounting for over half of the circulating supply. This is the first time in this cycle that the amount of loss-making coins exceeds profit-making coins. Historical data shows that this indicator has only appeared during deep bear markets in the past and has often coincided with important market bottoms. Similar situations have occurred during the bear markets of 2015, 2019, 2020, and 2022, but the duration ranged from one month to a year. Meanwhile, Bitcoin's price touched the 200-week moving average at about $61.3k, a level that has historically served as a key long-term support during previous bear markets. Analysts believe that if BTC falls below the $60k psychological level, the next significant support will be around the realized price near $54k, and Bitcoin has previously broken below the realized price during major bear markets. (Source: BlockBeats)
BTC-0.85%
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