• ‘Resilient’ Bitcoin holders defend BTC, but bear floor sits 20% lower: Glassnode Bitcoin trades in a tight demand zone that formed in 2024, but previous bear market data suggests the channel will break and lead to new lows. • Cointelegraph in your social feed Bitcoin’s (BTC) market structure shifted into a corrective phase after losing a key onchain valuation level in late January. • Glassnode data shows that BTC’s price is compressing within a 2024-era demand zone as liquidity conditions soften. • At the same time, BTC’s supply is steadily shifting into long-term, retail-linked wallets while exchange activity has cooled. • This mix of technical and onchain data, along with the current capital rotation, may shape the next steps for Bitcoin price. • Bitcoin lost its active supply cost price, but holders defend $60,000 In its weekly “The Week On-chain"report, Glassnode said that BTC’s recent price dip accelerated due to breaking below its true market mean near $79,000 in January, which is the cost basis of the tracked active supply.
Article Summaries:
- Bitcoin has entered a corrective phase after falling below its January on‑chain valuation level near $79,000, the cost basis of active supply. The price is now consolidating in a $60,000‑$69,000 demand zone that medium‑term holders are defending, aided by a large cohort of coins aged over a year and approaching breakeven. Liquidity is compressed, with the 90‑day realized profit/loss ratio back in the 1-2 range, signalling limited capital rotation. Meanwhile, long‑term and retail‑linked wallets have absorbed more BTC-total holdings now over 4 million BTC-while exchange inflows have slowed, reducing liquid supply and short‑term trading activity.
Sources: