Bitcoin's Recent Price Crash Highlights 'Top-Heavy' Market

Following last week's Bitcoin price crash, on-chain data provides insight into a concerning price scenario. Glassnode's most recent analysis illuminates the current market dynamics, revealing that a substantial portion of BTC spot supply has a cost basis either equal to or exceeding the current market price.

Glassnode's chief analyst, Checkmate, commented on this situation, stating, "We observe that 12.8% (2.48M BTC) of the supply experienced unrealized losses this week, marking a new low in this metric. This indicates that the 'top-heavy' nature of spot markets might also be contributing to the current situation."

BTCUSD BUY 26100-25900🕯

✅ TP1: 26500
✅ TP2: 26900

⚠️ SL: 25500