Bitcoin on-Chain Data Suggests Final Leg Down Before Cycle Bottoms

A recent analysis of Bitcoin's on-chain data suggests that the cryptocurrency may still have one final leg lower before the current cycle bottoms.

The Holder Price has fallen below the Long-Term Holder Realized Price, a crossover that historically indicates a loss of broad investor confidence and a transitional phase of capital rotation and accumulation.

However, Bitcoin's price has reclaimed the Traders' Lower Realized Price near $69,400 following the U.S.-Iran ceasefire, turning weeks of resistance into support.