Insights

Bitcoin breaks below key resistance level at $22,264; long-term holders on aggregate now underwater

exchange68September 13, 2024

0 0 1 minute read

Definition

This chart presents Long-Term Holder variants of two classic on-chain metrics:

LTH Realized Price is the average price of the Long-Term Holder BTC supply, valued at the day each coin last transacted on-chain. This is often considered the ‘on-chain cost basis’ of this cohort.
LTH MVRV Ratio is the ratio between the market value (MV, spot price) and the Realized value (RV, realized price) for the Long-Term Holder Cohort. This allows for a visualization of Bitcoin market cycles and the unrealized profitability of this cohort.

Quick Take

Bitcoin broke down below the LTH cost basis on Feb. 9, which is currently priced at $22,264.
In all prior bear markets, Bitcoin has broken below this key resistance level on multiple occasions, which can be seen highlighted below.
This occurred in June 2012, November 2015, and April 2019.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.