Bitcoin Recovery Fails to Escape Bearish Conditions

Bitcoin's recent price recovery has yet to alleviate bearish conditions in the market. According to Glassnode analysts, the cryptocurrency is still trading below both its True Market Mean of $76,600 and short-term holders' (STHs) cost basis of $72,200.

This means that until these levels are reclaimed, the market remains 'deep value territory and structurally vulnerable to any external negative catalyst.'

Long-term holders account for the largest source of realized losses, with their share of total realized value attributed to LTH losses climbing from 15% in early February to 43%. This growing capitulation among investors who purchased near the previous cycle peak is hindering price recovery.