🟠 Half BTC at $60K at risk: on-chain data signals a bearish underground, despite buying interest
Bitcoin is trying to build a base around $60,000, and spot buyers are returning to the arena. This has eased some pressure off recent participants, but the underlying on-chain data tells a different story, confirming that the market is still deep in bearish territory. Realized losses continue to exceed profits, which is a clear signal that most holders are in the red and are selling on any bounce 🔥.
Valuation metrics reflect this bearish sentiment. The True Market Mean is significantly above current prices, and the profitability of short-term holders remains below breakeven. While the order books show strong bids accumulating around $60K, suggesting that traders are ready to absorb the supply, this liquidity has yet to lead to a bullish shift in on-chain mode. Open interest has cooled off, and funding rates are neutral, indicating a more patient, less leveraged buyer base, but not necessarily a bottom 📉.
Long-term indicators show rare signals of deep value, historically preceding major cycle recoveries. However, new risks such as threats from quantum computing and the unveiling of treasury assets cast a shadow. This tension maintains a constructive view of deep value assessment, but far from a confirmed bottom. Price action is currently neutral, stuck between support at $60K and the pivot zone of $64K-$66K. A recovery of this zone could pave the way upward, but a rejection here is likely to trap BTC in a tight range.
📊 Expect sideways movements between $60K and $66K in the short term. A decisive breakout above $66K could trigger a short squeeze targeting $74K, while a drop below $60K would accelerate losses across all altcoins.
Will half at $60K withstand the bearish on-chain data, or is a deeper drop inevitable? 👇
#btc #bitcoin #onchain #glassnode #bearmarket
Bitcoin is trying to build a base around $60,000, and spot buyers are returning to the arena. This has eased some pressure off recent participants, but the underlying on-chain data tells a different story, confirming that the market is still deep in bearish territory. Realized losses continue to exceed profits, which is a clear signal that most holders are in the red and are selling on any bounce 🔥.
Valuation metrics reflect this bearish sentiment. The True Market Mean is significantly above current prices, and the profitability of short-term holders remains below breakeven. While the order books show strong bids accumulating around $60K, suggesting that traders are ready to absorb the supply, this liquidity has yet to lead to a bullish shift in on-chain mode. Open interest has cooled off, and funding rates are neutral, indicating a more patient, less leveraged buyer base, but not necessarily a bottom 📉.
Long-term indicators show rare signals of deep value, historically preceding major cycle recoveries. However, new risks such as threats from quantum computing and the unveiling of treasury assets cast a shadow. This tension maintains a constructive view of deep value assessment, but far from a confirmed bottom. Price action is currently neutral, stuck between support at $60K and the pivot zone of $64K-$66K. A recovery of this zone could pave the way upward, but a rejection here is likely to trap BTC in a tight range.
📊 Expect sideways movements between $60K and $66K in the short term. A decisive breakout above $66K could trigger a short squeeze targeting $74K, while a drop below $60K would accelerate losses across all altcoins.
Will half at $60K withstand the bearish on-chain data, or is a deeper drop inevitable? 👇
#btc #bitcoin #onchain #glassnode #bearmarket