, the largest cryptocurrency, hasn’t been able to climb up the price ladder despite showcasing recovery signs. Still, there is uncertainty regarding the sector’s future as the crypto market bottomed nearly 74% from its top gains .So is this the beginning of a match ‘not made’ in heaven for BTC?Bitcoin’s price has experienced the biggest decline in the last two months after the price dropped by 10%.
Long-term holders’ supply witnessed heavy losses as seen in the chart of the analytical platform, Glassnode. Herein, long-term holder supply in loss remained near “historical cycle highs,” with only 193 out of 4,421 trading days closing with greater BTC-denominated losses.This suggested that LTH profitability stood under extreme bear market stress, Glassnode added. Indeed, a major bearish alert for these loyal holders.
Unfortunately, for long-term holders, the overall scenario stood firm. This means that anyone who invested in BTC in the last few weeks remained underwater. At the time of writing, the seven-day moving average of wallets in the red sat at more than 17.5 million — an increase of 1.5 million over several days. This scenario is visible in the graph showcased below.