Bitcoin Stop-Loss Selling Mounts Below $80,000; Holding $75,000 Would Fit Past Bottom Pattern
Minseung Kang
Summary
- Bitcoin (BTC) is seeing an increase in loss-taking sales as it trades below $80,000, according to an analysis.
- Glassnode said Bitcoin’s daily net realized loss lasted for the longest stretch since mid-August.
- Glassnode said that if Bitcoin holds the $75,000 level, it could fit a bottoming pattern similar to past episodes.
Forecast Trend Report by Period
Bitcoin (BTC) is seeing an increase in loss-taking sales as it trades below $80,000, according to blockchain analytics firm Glassnode.
Glassnode wrote on X on Nov. 2 that Bitcoin’s daily net realized loss last week persisted for the longest stretch since mid-August.
The firm added that concentrated loss realization in August and September also emerged near short-term bottoms.
Glassnode said that if Bitcoin holds the $75,000 level, it could fit a bottoming pattern similar to those seen in the past.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.