Crypto: ‘resilient’ Bitcoin Holders Defend Btc, But Bear Floor Sits 20%...

Bitcoin trades in a tight demand zone that formed in 2024, but previous bear market data suggests the channel will break and lead to new lows.

Bitcoin’s (BTC) market structure shifted into a corrective phase after losing a key onchain valuation level in late January.

Glassnode data shows that BTC's price is compressing within a 2024-era demand zone as liquidity conditions soften. At the same time, BTC's supply is steadily shifting into long-term, retail-linked wallets while exchange activity has cooled.

This mix of technical and onchain data, along with the current capital rotation, may shape the next steps for Bitcoin price.

In its weekly “The Week On-chain” report, Glassnode said that BTC’s recent price dip accelerated due to breaking below its true market mean near $79,000 in January, which is the cost basis of the tracked active supply.

Since then, the price has stabilized inside a dense $60,000 to $69,000 range, which is being defended by medium-term holders. One of the reasons this zone has been a strong support is because of the age of coins within this range for the majority of 2024.

Coins accumulated in that range have aged more than a year, placing a large cohort close to breakeven. This supply may be acting as a backstop on the current sell pressure.

Market analyst Ardi pointed to a similar dynamic, writing on X:

Glassnode also highlighted that, in past cycles, deeper bear phases have gravitated toward the realized price, which now stands near $54,900. The metric estimates the average acquisition cost of all circulating coins.

Bitcoin’s liquidity conditions also remain compressed. The 90-day realized profit/loss ratio has declined back into the 1–2 range, a level associated with limited capital rotation. A sustained move below 1 has aligned with stressed bear environments.

Source: CoinTelegraph