[Delio] Glassnode Report: BTC Bottom Is Near

According to Glassnode, investors dumped BTC holdings worth a record $7.3 billion over the past few days, resulting in the biggest losses in the history of the asset, CoinDesk reported on June 20.

The realized loss summarizes all coins whose price at their last movement was higher than the price at their current movement, according to Glassnode. The asset worth about 555,000 BTC have changed hands between $18,000 and $23,000 over the past few days, indicating a strong support and resistance level, according to the company.

The data showed that over 178,000 BTC were liquidated at prices below $23,000 by long-term holders. Yet, liquidations accounted for only 1.31% of total holdings.

Bitcoin prices increased by about $2,000 over the past 24 hours as a relief rally saw prices rise above $21,000 on Monday. Charts show that the $21,000 level has been strong support in recent weeks.

Meanwhile, Glassnode experts believe that current price levels indicated a market bottom. “We can see that as prices hit the $17,000 lows, just 49% of the $BTC supply was in profit,” adding, “Historical bear markets have bottomed and consolidated with between 40% and 50% of supply in profit,” Glassnode noted.

Source: COINDESK

Please visit our official site for more curation!

Official links:

Delio Website: https://delio.global

Delio Facebook: https://www.facebook.com/delio.global

Delio Twitter: https://twitter.com/happydelio

Delio Instagram: https://www.instagram.com/delio_global

Delio LinkedIn: https://www.linkedin.com/company/happydelio

Delio Telegram Channel: https://t.me/delio_news_en

Delio Telegram Group: https://t.me/delio_en