Bitcoin Dip Below $80K Triggers $685 Million in Realized Losses, What’s Next?

The Bitcoin dip below $80K today led to $685 million in realized losses, with recent buyers seeing over $2.16 billion in losses over the past three days. Bitcoin's price has touched $78K today, with a 17.3% loss over the last seven days and a nearly 19.9% decline in the past month. After reaching the $78,940 support level, Bitcoin showed a slight recovery, but volatility remains high. Amid this, Glassnode data reveals that Bitcoin’s drop below $80,000 triggered an additional $685 million in realized losses on February 28 alone. The losses primarily come from recent market entrants, with over $2.16 billion realized between February 25 and 27. Bitcoin Holders Realizing Losses Those who entered the market less than a week ago recorded the highest losses at $238.8 million, followed by those who entered between a week and a month ago at $187.6 million. Notably, the one to three-month group saw $132.4 million in losses, while the 24-hour cohort lost $104.9 million. Meanwhile, Bitcoin holders from the past 3 to 6 months have seen their losses accelerate, reporting $12.7 million in losses, marking a 95.4% increase from the previous day. Since the start of February 28, Bitcoin has realized losses at a rate of $57.1 million per hour. The 1-day to 1-week cohort remains the dominant force behind liquidation pressure, realizing losses at $19.9 million per hour, nearly twice as fast as the next largest group. The 1-week to 1-month and 1-month to 3-month cohorts are also significant, realizing losses at $13.9 million and $14.2 million per hour, respectively. Loss realization from the 6-month to 12-month cohort remains minimal. https://twitter.com/glassnode/status/1895458338533482737 Crypto Whales Move Large BTC Holdings On the other hand, crypto whales have been moving significant amounts of Bitcoin over the past four days, offloading 40,000 BTC. This movement coincides with a notable drop in whale holdings, which fell from 4.53 million BTC to 4.49 million BTC. Amid the ongoing market condition, market observers suggest Bitcoin may enter an extended consolidation phase. CryptoQuant’s Ki Young Ju indicates that BTC could dip further to the $75,000 level before stabilizing. This phase mirrors early 2024, where Bitcoin fluctuated within a defined range before making further moves. Bitcoin Cycle Trend Elsewhere, analyst CryptoCon highlights that Bitcoin’s current cycle resembles the 2015-2018 market cycle. According to his projections, Bitcoin is about a month away from reaching the first cycle top date based on Fibonacci Halving models.  Notably, Bitcoin’s performance in February has been weaker than usual. Historically, February is a bullish month, even during bear markets. Despite this unusual downturn, the analyst emphasizes that market cycles often exhibit unique patterns to keep market participants uncertain.