Bitcoin is showing signs of bullish momentum on lower timeframes. The cryptocurrency managed to stay above its 2017 all-time high, around $20,000, as the U.S Federal Reserve (Fed) announced an increase in interest rates by 75 basis points. Related Reading | Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why As the financial institution was within expectations, Bitcoin and other risk-on assets were able to see some relief. At the time of writing, the number one crypto by market cap stands at $21,300 with a 3% profit in the last 24 hours. Data from Glassnode indicates that BTC holders experienced their largest Realized Loss in history as the cryptocurrency failed to remain in its previous range, around $28,600 to $31,500. BTC investors lost over $4.2 billion which, as the on-chain analytic firm claims, “eclipses all major sell-offs in 2021” and 2020. These losses affected long-term BTC holders (LTH). Unlike speculators and short-term BTC holders, LTHs are often impervious or more resilient to downside price action. This time the selling pressure was too hot and forced these investors to capitulate out of their positions: Long-Term Holders however realized major losses, equal to 0.007% of the Market Cap per day. This is almost as large as March 2020 and is the first major LTH capitulation event in the 2021-22 cycle. The downside pressure has been mitigated for the short term. However, if the bea...
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