2023-2-11 19:08 |
Definition
This chart presents Long-Term Holder variants of two classic on-chain metrics:
LTH Realized Price is the average price of the Long-Term Holder BTC supply, valued at the day each coin last transacted on-chain. This is often considered the ‘on-chain cost basis’ of this cohort. LTH MVRV Ratio is the ratio between the market value (MV, spot price) and the Realized value (RV, realized price) for the Long-Term Holder Cohort. This allows for a visualization of Bitcoin market cycles and the unrealized profitability of this cohort. Quick Take Bitcoin broke down below the LTH cost basis on Feb. 9, which is currently priced at $22,264. In all prior bear markets, Bitcoin has broken below this key resistance level on multiple occasions, which can be seen highlighted below. This occurred in June 2012, November 2015, and April 2019. LTH RP & MVRV: (Source: Glassnode) LTH RP & MVRV: (Source: Glassnode) LTH RP & MVRV: (Source: Glassnode)The post Bitcoin breaks below key resistance level at $22,264; long-term holders on aggregate now underwater appeared first on CryptoSlate.
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