Selling pressure in the premier cryptocurrency market is starting to ease. The realized losses of investors who purchased Bitcoin during 2024–2025 have turned downward. In previous market cycles, similar investor behavior has repeatedly foreshadowed the end of a downward phase and the start of a new uptrend.
This conclusion was reached by a leading analyst at the Glassnode platform, known under the pseudonym cryptovizart.
Seller Exhaustion as a Classic Precursor to Growth
When a price decline phase is prolonged, short-term investors typically cannot withstand the pressure. They begin to massively realize losses (capitulate), thereby creating excess supply on the market.
Historically, a sustainable market bottom has formed precisely when this selling pressure dried up. Once sellers “burn out,” the market stops receiving new waves of supply from participants selling at a loss, opening the door for a price recovery.
“When the realized loss metric begins to cool down, it often proves to be one of the earliest signals of the end of mass sell-offs,” notes cryptovizart.
A similar scenario has already played out in the recent past: between July 2024 and July 2025, an identical pattern was observed on the market, after which Bitcoin’s price staged an impressive rally, surging from $62,800 to $107,000.
What On-Chain Data Shows Today
In early July of this year, the 30-day sum of realized losses for holders exceeded $75 million. However, after reaching this peak, the metric began to steadily decline.
Glassnode analysts urge moderate optimism:
- This is a preliminary signal. The current decline in losses indicates stabilization, but it is not a 100% guarantee of an immediate reversal or that the local bottom has already been reached.
- Confirmation is needed. For a full-fledged bullish impulse, the market needs additional supporting factors.
Key Resistance: The $69,000 Barrier
Glassnode experts highlighted a crucial resistance zone that will determine the medium-term fate of the asset — $69,000.
[ Resistance Zone: $69,000 ]
(Short-Term Holder Cost Basis + Previous Cycle ATH)
▲
│ <-- Strong seller reaction (exiting at breakeven)
│
[ Current Price ]
This level is important for two main reasons:
- It aligns with the average cost basis of short-term holders (STH).
- It represents the previous bull cycle’s all-time highs (ATH).
“The first encounter with this level is likely to trigger a strong market reaction. Those most inclined to sell are the investors who have been sitting in the ‘red’ for a long time and finally get the chance to break even,” Glassnode experts explain.
- Bullish Scenario: A confident consolidation above $69,000 will give Bitcoin room for further upward movement.
- Bearish Scenario: If it fails to break through this level, the cryptocurrency risks getting stuck in its current consolidation range for a long time.
Current Market Situation
At the time of writing, Bitcoin is trading around $64,200, showing a minor 0.7% decline over the past 24 hours.
Meanwhile, local support is being provided by the US macroeconomic backdrop. The publication of fresh June inflation data (CPI) on July 14 restored optimism to buyers, briefly pushing BTC above the $65,000 mark.
