"Bitcoin price is entering one of its most fragile moments of the cycle. The price action says it. The onchain data screams it. And the mood across crypto feels tense, almost brittle Bitcoin price fell to a low of $80,524 on Friday, its lowest level since April and a level many didn't expect to see again this year. The drop pushed the bitcoin price more than 35% below its all-time high, erasing all year-to-date gains and dragging risk sentiment across the entire market with it."
"Glassnode data shows realized losses spiking to levels last seen during the November 2022 FTX capitulation. Short-term holders - those who bought within the last 90 days - are unwinding at scale. Their selling now dominates the tape. Realized-loss dominance has surged into a range usually reserved for panic. Market structure is also breaking down. Independent analyst MEKhoko noted that Bitcoin is now trading more than 3.5 standard deviations below its 200-day moving average."
Bitcoin's price plunged to $80,524, over 35% below its all-time high, erasing year-to-date gains and weighing on market risk sentiment. The price has since rebounded into the mid-$84,000 range but volatility remains elevated. On-chain Glassnode metrics show realized losses rising to levels last seen during the November 2022 FTX capitulation, with short-term holders unwinding and realized-loss dominance reaching panic ranges. Market structure is deteriorating as Bitcoin trades more than 3.5 standard deviations below its 200-day moving average, a deviation previously tied to forced-selling crises. Collapsed funding rates, stepped-up spot selling, faded rate-cut hopes, and broader-market volatility compound downside risk, while the $78,000–$82,000 Santostasi power-law zone could offer scope for a mid-cycle bounce.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]