Bitcoin Market Resembles Early 2022 Bear Trend, Says Glassnode

Glassnode's recent analysis shows that the current Bitcoin market structure resembles the early 2022 bear market.

The Bitcoin Supply Quantiles Cost Basis Model indicates Bitcoin has fallen below key profitability levels, with more than 25% of its supply currently underwater.
The Total Supply in Loss metric reached 7.1 million BTC recently, the highest since September 2023, mirroring early 2022 conditions.
The Bitcoin long-term holder SOPR is at 1.43, showing a decline but still above 1, suggesting net profit for holders, though margins are shrinking.

These indicators suggest potential parallels to the early 2022 bear market. However, it's uncertain if Bitcoin will transition to a bear market or rebound soon.

Currently, Bitcoin's price has decreased slightly to $91,800.