The last three consecutive days have been the largest USD denominated Realized Loss in #Bitcoin history.

Over $7.325B in $BTC losses have been locked in by investors spending coins that were accumulated at higher prices.

A thread exploring this in more detail 🧵
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— glassnode (@glassnode) June 19, 2022

The price range of $18,000 to $23,000 has been a significant support and resistance level for the asset over the previous few days, according to the business. According to the statistics, each day's losses were between $1.5 billion and $2 billion.

Long-term holders, or those who have held BTC for more than 155 days, sold approximately 178,000 BTC at prices below $23,000, according to the statistics. These liquidations, however, amounted for only 1.31 percent of overall holdings.

According to blockchain statistics, some of these holders bought their coins at $69,000, bitcoin's lifetime high, then sold them at $18,000, a loss of over 75%, according to Glassnode.

Such liquidations may have led to bitcoin's drop below $20,000 over the weekend. Bitcoin plunged to as low as $18,319 per coin, while its market value fell to over $350 billion, a 73 percent drop from its all-time high in November, as previously reported.

Bitcoin encountered resistance above $21,000 on Monday morning, following a relief rally that added $2,000 to prices in the previous 24 hours. Price charts reveal that the $21,000 level has performed as support in recent weeks.

Bitcoin futures have received $436 million in liquidations in the broader futures markets over the last three days. According to Coinglass statistics, long options, or bets on rising prices, absorbed the majority of these losses.

The decision comes after bitcoin plummeted sharply last week, along with the broader equities market, as inflation surpassed expert expectations and the US Federal Reserve (Fed) raised rates by 75 basis points, the most in 28 years.

Meanwhile, Glassnode experts believe current pricing levels indicate a market bottom. "As prices hit $17,000 lows yesterday, we can see that just 49 percent of the $BTC supply was in profit," the business claimed in a tweet, citing its Percent Supply in Profit tool.

#Bitcoin Long-Term Holders contributed to the sell-side, liquidating around 178k $BTC at prices below $23k.

This represents around 1.31% of their total holdings, and returns aggregate LTH balance to Sept 2021 levels.

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— glassnode (@glassnode) June 19, 2022

"Historically, bear markets have bottomed and consolidated with between 40% and 50% of supply in profit," Glassnode explained.

However, traders remain wary, with some claiming that macroeconomic circumstances must improve and the Fed's aggressive monetary policy must be eased before crypto markets can reach a bottom.