Glassnode Warned The Market About Bitcoin!

Glassnode warned the market about Bitcoin. Glassnode may have given some signs for Bitcoin to drop.

A significant portion of the Bitcoin supply was sold at a higher price than the currently traded BTC price. This could be a bearish indicator for the biggest cryptocurrency, according to analytics firm Glassnode. Bitcoin is down about 4.5% from where it was priced a week ago. BTC is also down about 17% from its all-time high of $69,044.77, which it reached about two weeks ago. Glassnode states that BTC investors who are at a loss can dump their holdings on the market. Glassnode continued its statements on the subject as follows: “If the price fails to retrace higher levels in a reasonable time frame, 15% of the underwater supply is historically enough to generate a downward price action…” Also analyzing the UTXO and UPRD metric, the company added: “UTXO Actual Price Breakdown (URPD) shows at what prices the current Bitcoin UTXO set was created, i.e. each bar shows the current amount of BTC that moved most recently in the specified price range. There are several cryptocurrencies from key levels throughout 2021, the largest of which is 60,000 to 60,000. 1.9 million BTC moving between $68k. This overall supply could provide resistance in the coming weeks if holders at losses try to cut their losses.”       Source: Glassnode