AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Bitcoin, trading at $57,450, remains approximately 22% below its all-time high of $73,835, achieved on March 14. Despite recent bearish trends, data suggests that Bitcoin holders are relatively stable compared to historical cycles.
Market intelligence firm Glassnode reports that the current drawdown in Bitcoin’s value is modest when compared to previous bull cycles. The firm’s analysis reveals that unrealized profits are significantly higher than unrealized losses, with profits being approximately six times greater. This indicates that the average Bitcoin holder remains in a strong financial position overall.
While short-term holders, defined as those who have held {Bitcoin} (BTC) for less than 155 days, are currently facing unrealized losses, these losses have not yet reached levels typically seen in full-scale bear markets. Glassnode’s data shows that the short-term holder market value realized value (MVRV) ratio has dipped below the break-even point of 1.0, aligning with levels observed in August 2023 during the recovery period following the FTX collapse.
To continue the bull market trajectory, Bitcoin’s price needs to exceed the short-term holder cost basis of $62,400. The current price remains below this threshold, suggesting potential for further market weakness unless it reclaims this level. Glassnode analysts emphasize that maintaining the demand zone around $51,000 is crucial for sustaining upward price momentum.
Philip Swift, managing director of Bitcoin Magazine Pro, corroborates these findings, noting that Bitcoin’s price is currently below the entry cost basis for many short-term holders. Swift highlights that the current market scenario mirrors the price action of August and September 2023, when Bitcoin spent nearly two months below the short-term holder realized value.
For the bull market to resume its trajectory, Bitcoin's price needs to rise above the short-term holder cost basis to restore market confidence. Without this recovery, short-term investors will continue to experience paper losses, adding to market uncertainty.
