Bitcoin breaks below key resistance level at $22,264; long-term holders on aggregate now underwater

Definition

This chart presents Long-Term Holder variants of two classic on-chain metrics:

• LTH Realized Price is the average price of the Long-Term Holder BTC supply, valued at the day each coin last transacted on-chain. This is often considered the ‘on-chain cost basis’ of this cohort.
• LTH MVRV Ratio is the ratio between the market value (MV, spot price) and the Realized value (RV, realized price) for the Long-Term Holder Cohort. This allows for a visualization of Bitcoin market cycles and the unrealized profitability of this cohort.

Quick Take

• Bitcoin broke down below the LTH cost basis on Feb. 9, which is currently priced at $22,264.
• In all prior bear markets, Bitcoin has broken below this key resistance level on multiple occasions, which can be seen highlighted below.
• This occurred in June 2012, November 2015, and April 2019.

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