Bitcoin has seen its longest daily net realized loss streak since mid-August, and Glassnode pointed to the $75,000 level in discussing a pattern that previously coincided with local bottoms.
On-chain analytics firm Glassnode reported that sellers were selling at a loss while Bitcoin was trading below $80,000. Last week marked the longest stretch since mid-August in which realized losses exceeded profits on a daily basis.
This data shows not only the decline in the value of Bitcoin held, but also the balance of realized profits and losses on coins moving on-chain. In the current picture, losses have outweighed profits for several consecutive days.
The $75,000 condition in Bitcoin’s search for a bottom
In its comparison, Glassnode noted that loss clusters in August and September coincided with the local bottoms Bitcoin reached during those periods. The company said that holding above $75,000 would be consistent with this historical pattern.
Therefore, the key point in the assessment is whether the price can hold this level as loss selling continues. Glassnode’s comparison with previous periods stands out as a conditional assessment pointing to the possibility of a bottom.
Bitcoin was trading at approximately $78,000 in a post dated November 2, leaving the price above the $75,000 level tracked in the analysis.
Not investment advice.