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Bitcoin Critical Support Revealed as Crypto Market Takes Huge Hit
As the crypto market continues to experience a significant downturn, key resistance and support levels have become increasingly important for traders to identify. In today’s market update, we are looking at the critical Bitcoin (BTC) support level.
According to Glassnode data, short-term holders (STH) of Bitcoin have experienced a loss exposure of 0.14% since early January, which is the largest since then. This suggests that a significant number of investors who entered the market in recent times may be taking a hit.
In contrast, long-term holders (LTHs), who are known for their commitment to holding onto their coins through thick and thin, have remained largely unaffected, with less than 0.01% of their supply in loss. However, it’s worth noting that their unrealized profit share has been steadily declining since November, indicating a potential lack of renewed accumulation.
If BTC trends lower, long-term holders may resume accumulation, stabilizing price action and potentially signaling confidence in higher future prices. Until then, the market remains heavily dependent on short-term holders’ reactions to price swings.
The data provided by Glassnode highlights the importance of identifying critical support levels for investors.
Source: u.today
