Bitcoin's Price Recovery Masks Ongoing Selling Pressure

The price of Bitcoin has recovered slightly above $62,000 after a sharp pullback on Wednesday. However, according to Glassnode, this is just a prolonging of the cryptocurrency's bottoming phase.

Glassnode noted that rising oil prices and renewed geopolitical tensions are adding to the macro pressures weighing on Bitcoin.

The analytics firm stated that Bitcoin has been trading below the cost basis of both long-term and short-term holders for nearly five months, one of the longest such stretches on record.

Long-term holders are realizing losses of roughly $280 million per day, the highest level since late 2022. This has led to a significant amount of selling pressure in the market.