Bitcoin (BTC) is experiencing its "deepest correction" in the last 24 months, leading to unrealized losses for short-term holders (STHs), according to Glassnode. 😮

Bitcoin's price fell more than 16.5% from $63,801 to $53,499 in what Glassnode describes as "the deepest correction since late 2022."

Despite the decline, the Glassnode report notes that the correction is significantly smaller compared to past cycles, indicating strong market structure.

With the sale, 83% of the supply controlled by short-term holders fell into unrealized losses.

As long as BTC price remains below $58,000, the long-term outlook for Bitcoin price will remain bearish as this level acts as a significant resistance zone.

At the time of publication, Bitcoin was trading at $57.485 and faced stiff resistance on its recovery path.

The Daan Crypto Trades analyst noted that a retracement of the 200-day EMM and holding above $59,000 would be a “good start” for Bitcoin bulls.