Bitcoin Drifts Lower With Any Push Higher Being Met by Fresh Sellers

Bitcoin continues to drift toward the lower bound of its recent trading range with any increase in the price seen being met by selling from investors who purchased the largest cryptocurrency near the all-time high reached in early October.

Crypto analytics firm Glassnode said various metrics point to a “mild bearish phase,” defined by modest capital inflows outweighed by steady selling pressure from larger holders. With prices stuck in a “weak but bounded range,” the firm noted, time itself becomes a negative force as unrealized losses accumulate. Relative unrealized losses jumped to 4.4%, the highest in nearly two years after spending most of that period below 2%, signaling a transition from euphoria to “elevated stress and uncertainty.”