Bitcoin traders ‘under pressure’ after deepest correction since 2022 erases profits
83% of short-term Bitcoin traders saw losses after BTC price recorded its deepest drawdown since 2022.
Bitcoin (BTC) experiences the “deepest correction” in 24 months, impacting the short-term holders (STHs) with unrealized losses, according to onchain data from Glassnode.
Data from Cointelegraph Markets Pro and TradingView reveals that in the latest drawdown, the price of Bitcoin dropped by more than 16.5% from a high of $63,801 on July 1 to set a swing low at $63,499 on July 5 in what Glassnode describes as the “deepest correction since late 2022.”
Despite this downturn, Glassnode’s The Week On-chain report notes that the correction is notably shallower compared to past cycles. It points to a strong market structure and “reduced volatility as Bitcoin matures as an asset class.”
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Author: Nancy Lubale
