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Analytics firm Glassnode has warned that Bitcoin is approaching a critical point that has previously signaled the end of bull markets.
The firm focuses on Bitcoinâs short-term holdings (STH), a metric that tracks the average purchase price of investors who have held their Bitcoin for less than 155 days.
Historically, when Bitcoinâs price falls below this level, it usually enters a bearish phase. Currently, Bitcoin is about 7% above STH, which is $88,135.
If the price consolidates below this level, it could indicate a decline in new investor appetite, which is often a turning point in the market trend. Glassnode also notes that long-term holders (LTH) of Bitcoin are selling at a rapid pace, but this does not necessarily mean the end of the bull market. Currently, almost all long-term Bitcoin holders are in profit. 0 reply
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