The King crypto has dropped below $80,000 for the second time this year. This decline has sparked concerns among investors about the future trend of the cryptocurrency.
Glassnode data shows that Bitcoin’s realized losses remain lower compared to past corrections. During previous declines in February and March, peak losses ranged from $592 million to $933 million. The latest pullback recorded a peak loss of only $377 million. This indicates a drop in panic selling.
Forensic analysis shows that investors who held Bitcoin for three to six months are now facing more losses. In February, this group saw losses of $2 million, which has now increased to $9.5 million. Meanwhile, holders who kept Bitcoin for six to twelve months are selling at a profit. On March 10, this group realized $26.4 million in profits, making up 44.4% of total gains.
CryptoQuant analyst Axel Adler Jr. noted that long-term holders had distributed 1.715 million BTC when Bitcoin crossed $60,000. The current net position of these holders has returned to neutral levels, indicating a slowdown in large-scale selling. This could reduce pressure on the market.
Market analyst Michaël van de Poppe stated that Bitcoin lacks a decisive breakout. He expects the market to test previous lows, with possible dips to $76,000 or $78,000 before a rebound. Another analyst, CrediBULL, sees Bitcoin trading between a local supply zone of $94,000 to $99,000 and a demand zone near $74,000.
A market veteran named Ted compared BTC's movement with the S&P 500 and gold. Gold is still in an uptrend while BTC and stocks are correcting. Based on historical trends, he further predicts that BTC is much likely to drop further to around $72K before trying to recover.
As of writing, Bitcoin is trading at $80,403, up 2.38% in the last 24 hours.