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

meaning

This chart shows long-term holder variants of two classic on-chain metrics.

• LTH realized price The average price of long-term holders’ BTC supply, valued on the day each coin last traded on-chain. This is often considered the “on-chain cost base” for this cohort.
• LTH MVRV ratio is the ratio of the long-term holder cohort’s market value (MV, spot price) to realized value (RV, realized price). This allows us to visualize the Bitcoin market cycle and the unrealized profitability of this cohort.

quick take

• Bitcoin fell below the LTH cost threshold on February 9 and is now priced at $22,264.
• Bitcoin has broken below this key resistance level multiple times in every bear market so far.
• This happened in June 2012, November 2015 and April 2019.

Post Bitcoin has broken below the critical resistance level of $22,264. Long-term holders of aggregates now underwater first appeared on CryptoSlate.