Glassnode: Over 8M BTC Underwater in Reset

Glassnode data shows nearly half the Bitcoin native supply sat in profit at the cycle peak, yet over 8M BTC now trade underwater following the reset.

On-chain metrics unrealized loss distribution BTC reveals the depth of current losses compared to Bitcoin supply in profit historical cycles. Price action at $61475.52 tests the lower Bollinger band support at $60258.84 inside a bearish structure where EMA50 resistance at $64751.65 caps upside while EMA200 at $71902.89 looms higher; RSI at 38.6 stays neutral and MACD golden cross at -337.01 hints at potential momentum shift before any sustained move.