Bitcoin has been struggling to surpass the $63,000 mark, indicating short-term holders are facing losses. On-chain data shows that Bitcoin’s spot price remains below this realized price, putting pressure on short-term investors. This could lead to increased sell-offs and downward price pressure. Despite the current stagnation, analysts see a longer-term bullish outlook for 2024, with behavior resembling past pre-halving cycles from 2016 and 2020, and potential positive effects from the anticipated ETF launch. #Bitcoin #Crypto #BTC #MarketAnalysis