After the bitcoin price reached below the $35,000 level, the price started to recover and return again above the $36,000 level it is still at until publishing this article.

Currently, the battle is close between the bulls on the Bitcoin rally and the bears betting that the price will fall, and either of them will inevitably gain dominance in a short time.

To understand this more, let’s take a look at some of the metrics and data related to Bitcoin.

As we know, short-term holders keep making losses with every drop in the bitcoin price while long holders start accumulating.

According for data Provided by Glassnode, the Net Unrealized Profit (NUPL) for long-term put contract holders.

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The majority of long-term position holders are currently profitable.

But what if they start to book the remaining unrealized gains?

This may represent the beginning of a downtrend according to the historical chart patterns, which are clearly shown in the chart below:

The Glassnode report adds that short-term holders can continue to be a source of increased selling.

If they also give up their positions and accumulate selling, then we are moving forward in a bear market for sure.

Several technical charts, suggest that Bitcoin will fall to the $24,000 level, another 40% retracement from the current levels.

Bitcoin settlements hit $55 billion a day:

During the recent market correction, the activity of the Bitcoin network has surged again.

Bitcoin settlements exceed $55 billion per day which indicates that a large number of coins are on the move.

This represents about 60% more volume than what we saw during the market’s peak of 2017.

According to a Glassnode report:

During the month of May, a total of 155,000 bitcoins moved from illiquid to liquid or highly liquid, providing an estimate of the total selling pressure.

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However, since the price of Bitcoin has fallen so much, the long-term earnings of coin holders have fallen dramatically.

As a result, the report notes, these players are unwilling to liquidate their holdings at such discounted rates.

So far, long-term holders have shown a conviction of accumulation, especially in light of the current declines.

But short position holders are putting constant pressure on by increasing their sales by 5-fold over the past few weeks.

In this tug-of-war, it will be interesting to see who has the last word.

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