Bitcoin (BTC) has seen its "deepest correction" in two years, with a price drop of over 16.5% from a high of $63,801 on July 1 to a low of $63,499 on July 5. This has resulted in unrealized losses for short-term holders (STHs), with 83% of the supply controlled by STHs falling into unrealized losses. Despite this, Glassnode's report notes that the correction is shallower compared to past cycles, indicating a strong market structure and reduced volatility. However, if BTC price remains below $58,000 for the next few days, the long-term outlook will remain bearish. Currently, Bitcoin is trading at $57,485.