Bitcoin (BTC) Price Today - BTC/USD - MarketWatch

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Bitcoin ( BTC ) price dropped by over 16.5% in its latest sell-off, which began on July 1 and saw the price of BTC fall from a high of $63,801 on July 1 to set a swing low at $63,499 on July 5.

This sell-off, which is being described by onchain data firm Glassnode as the “deepest correction” in the last 24 months, has had a significant impact on short-term holders (STHs) of Bitcoin, with 83% of the supply controlled by these addresses now being in unrealized losses.

According to Glassnode, this amounts to roughly 2.9 million BTC (around $166.75 billion at current rates) of the 3.2 million BTC ($184 billion) held by STHs being pushed below their cost basis with the recent sell-off to $53,000.

Thisịp pressure on Bitcoin and the crypto market at large, according to Glassnode analysts, who noted that as long as BTC price remains below $58,000 for the next few days, “the long-term outlook will remain bearish as this level acts as a significant resistance.”

At the time of writing, Bitcoin is trading at $57,485, encountering strong resistance in its recovery compared to the support it enjoyed on the downside.

The chart below also shows that the 200-day exponential moving average (EMA) at $58,180 poses the first resistance for the bulls, while another hurdle could emerge at the $63,880 level, where both the 50-day and 100-day EMAs appear to converge.

Aggressive selling from this supplier congestion zone may curtail any attempts to push the price higher as investors look to book profits or break even.

According to popular analyst Daan Crypto Trades, a reclaim of the 200-day EMM and a hold above $59,000 would be a “good start” for the bulls.

Meanwhile, liquidation data from Coinglass shows high short bids building up near the 200-day EMA at $58,587, further highlighting the importance of this level.

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