Selling pressure is increasing as active addresses and entities dwindle while more short-term Bitcoin buyers get deeper into the red.
Blockchain analytics provider Glassnode has depicted a bearish scenario for Bitcoin as on-chain metrics suggest increased selling pressure is imminent.
The researchers pointed at the general weakness in mainstream markets alongside wider geopolitical issues as the reason for the current risk-off sentiment for crypto assets. It calculated a short-term holder realized price on an aggregate cost basis which worked out at $47,200 meaning that the average loss at current prices is around 22% for those still holding the asset.
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