GuShiio.com 
Glassnode’s latest weekly report details the recent volatility in the Bitcoin and altcoin markets. Bitcoin prices experienced significant volatility last week, falling as low as $93,000 before recovering and currently trading near $98,000. The price fluctuations were mainly affected by President Trump’s threat to impose tariffs on multiple countries, as well as the continued strength of the US dollar. Despite the volatility in Bitcoin prices, its overall performance has been relatively stable, while the altcoin market has suffered even more severe blows.
The altcoin market has lost $234 billion in market value in two weeks, one of the largest devaluations in history. Most altcoin prices fell across the board, with few sectors spared. Through on-chain data analysis, it was found that most of the losses came from short-term holders, especially those who bought Bitcoin in the past month. These investors are more sensitive to price fluctuations and tend to realize losses when the market falls.
Despite the sharp fluctuations in Bitcoin prices in the short term, its long-term investors have suffered relatively small losses, indicating a more stable market structure. Through on-chain indicators such as MVRV Z-Score, Bitcoin price found strong support near $96,300. If the price falls further, $80,100 may become the next key support level. And $118,000 may become a resistance level. Overall, the Bitcoin market has shown strong resilience in the current bull market cycle, while the altcoin market faces greater challenges.
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Bitcoin price fluctuations: Bitcoin prices experienced sharp fluctuations last week, falling to as low as $93,000, then briefly rebounding to $102,000, and currently trading near $98,000. Price fluctuations were mainly affected by President Trump’s threat to impose tariffs on Canada, Mexico and China, as well as the continued strength of the US dollar.
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Investor losses: Bitcoin investors suffered significant losses during the price decline, totaling approximately $520 million. This is one of the largest local capitulation events in the current bull cycle, second only to the yen carry trade liquidation event on August 5, 2023.
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Altcoin Market Performance: The altcoin market suffered even more severe losses during the decline, with the global altcoin market value falling by $234 billion in two weeks, one of the largest devaluation events in history. Most altcoin prices fell across the board, with few sectors spared.
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Short-term Holder Impact: Most of the locked losses came from short-term holders, especially those who bought Bitcoin in the past month. These investors are more sensitive to price fluctuations and tend to realize losses when the market falls.
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Market Support and Resistance: Analyzed by on-chain indicators such as MVRV Z-Score, the Bitcoin price found strong support around $96,300. If the price falls further, $80,100 may become the next key support level. The $118,000 level may become a resistance level.
Text: GuShiio.com Diaoshi Intelligence Editor: Diaoshi Dada
