Can Bitcoin stage a comeback now that 30% of BTC is underwater?
by on-chain analytics firm Glassnode on Monday, 30% of the BTC supply is now at a loss — historically, this has been a key number to defend for bulls.Bitcoin's descent from $69,000 to current levels — at one point over 40% — is nothing unusual, but for long-term investors, there is a specific reason to hope that current support holds.
Looking back at historical price performance, Glassnode reveals that once 30% of the supply goes"underwater," price rebounds often occur. "As the bears apply pressure to the in-profit cohort of holders, Bitcoin bulls are defending a historically significant level of the Percent of Supply in Profit metric," staff explained in the latest edition of its weekly newsletter, The Week Onchain, describing bulls as"under siege."These were the post-Covid market crash in March 2020 and summer 2021, in the aftermath of the China mining crackdown.
"The reaction from this level will likely provide insight into the medium-term direction of the Bitcoin market," the newsletter continued. "Further weakness may motivate these underwater sellers to finally capitulate, whereas a strong bullish impulse may offer much needed psychological relief, and put more coins back into an unrealized profit.""The bull run in July had just begun when it had previously risen to these levels. The bulls are aggressively preparing for the new run," a blog
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