Bitcoin (BTC) hodlers face a crucial week in more ways than one as $42,000 rekindles a familiar battle.
As noted 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.
Mixed opinions on rebound chances
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 On-Chain,” describing bulls as “under siege.”…read more.