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Bitcoin has finally broken below the $60,000 support level
Bitcoin has finally broken below the $60,000 support level for the first time in two months. The world’s largest digital asset has largely been in a euphoria phase since the beginning of the year, particularly after the launch of Spot Bitcoin ETFs in the US market. However, the current consolidation of the price of Bitcoin indicates the euphoria might be fading.
Selling Pressure Rises
After reaching an all-time high of over $73,737 in March 2024, Bitcoin has declined by more than 18% as investors take profits. This drop in price has been accompanied by a rise in the percentage of addresses holding losses, indicating increased selling pressure. The percentage of addresses making a profit has fallen in tandem from over 99% to 86% at the time of writing.
What Does This Mean For Bitcoin?
While the “fear” rating may worry investors, a pullback after such a steep price rise is considered healthy by most crypto analysts. Many long-term holders are still holding strong and are waiting for the halving effect to kick in. At the time of writing, Bitcoin is trading at $59,899 and is down by 5.35% in the past 24 hours.
Considering the current cost-basis for short-term holders (STH) is at $66,700, and their realized price is at $59,800, many more holders in this cohort have possibly entered into the loss zone.
