Bitcoin at a Crossroads: Is the Bull Run Still Alive?

Bitcoin’s recent price movement has kept traders on edge, hovering between $81,000 and $86,000 without a clear direction.

While some indicators hint at bearish momentum, fresh data suggests that the market may still have room to push higher.

Blockchain analytics firm Glassnode has highlighted growing pressure on short-term Bitcoin holders, who are now facing significant unrealized losses. These losses, which exist only on paper until assets are sold, have reached levels that in the past have signaled increased selling activity.

Despite this, Glassnode points out that the magnitude of these losses is still within the range typically seen in bullish phases. Compared to the heavy sell-offs of 2021, the current downturn appears far less severe, indicating that the broader market trend may not have fully reversed.

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Losses Are Growing, But Not Like Before

Over the past month, realized losses among short-term Bitcoin investors have surged past $7 billion—making it the most prolonged loss event of this cycle. However, this figure remains well below previous market collapses.

For context, Bitcoin sell-offs in 2021 and 2022 saw realized losses climb as high as $19.8 billion and $20.7 billion, respectively. Since the current losses don’t match those extreme levels, widespread panic may not have set in yet.

What’s Next for Bitcoin?

With uncertainty still looming, Bitcoin’s next major move remains unclear. If selling accelerates, a deeper decline could follow. However, if history is any indication, the market may not be done rallying just yet.

Alexander Zdravkov