Look out below! Bitcoin should fall further to put in a macro bottom, these metrics hint.
) near $20,000 is worrying the market, but after narrowly avoiding breaking support, is the worst really over?The stakes are high for many hodlers this week — almost 50% of the supply is being held at a loss and miners are upping their shipments of BTC to exchanges.their conviction on BTC as price action tumbles., Cointelegraph takes a look at how much further the market technically needs to drop to match historical bottom zones.
This is because historically, the ratio between short-term and long-term hodlers has been more in favor of the latter at macro price bottoms.Realized Cap HODL WavesEssentially, once RHODL’s green zone is it, it suggests that capitulation is at its peak and that a price floor is imminent or already being set. So far, RHODL has yet to enter its green zone, data from on-chain analytics firm Glassnode
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