Bitcoin Reaches Historic Milestone After Decades of Volatility
Key Summary
Bitcoin traded above $86,000 on Monday, its highest since September, as futures leverage declined and funding rates remained below 4%. A cluster of leveraged shorts sits near $90,000, where forced liquidations could occur if the cryptocurrency breaks higher, potentially setting the stage for a sharper move. According to Glassnode, this cluster is the largest overhead liquidation point for Bitcoin, with over 100,000 leveraged shorts.
Bitcoin Reaches Historic Milestone
According to Glassnode, long-term Bitcoin holders stayed in profit through the entire cycle, which it said no bear market since at least 2015 has done.
This marks a rare instance where a bear market since 2015 has failed to wipe out long-term holders' gains.
The development suggests a strong underlying market trend, with Bitcoin poised for further gains.