Analysis of Bitcoin Holders' Losses

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 6 hours ago

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Rising Loss Concentration: As of early 2025, approximately 9.09 million Bitcoin (BTC), representing 46% of the circulating supply, is currently held at a loss, nearing the loss concentration seen during the 2022 bear market, indicating market fragility.
Historical Data Comparison: According to CryptoQuant, this loss concentration is the second highest recorded since July 2020, just below the 10 million Bitcoin peak during the 2022 bear market, reflecting current market pressures and uncertainties.
Market Dynamics Impact: Investors holding losses face pressure to either sell or maintain positions, particularly those with a high cost basis, who typically exhibit lower confidence in long-term recovery, potentially exacerbating market volatility.
Price Stability Consideration: Analysts note that whether the current reading of 9.09 million coins represents a peak depends on price stabilization at current levels or further declines, which will influence the potential for future market recovery.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	55227.763	58869.022	62813.483	66454.742	70399.203	74040.462	77984.923
Fibonacci	58869.022	61766.767	63556.997	66454.742	69352.487	71142.717	74040.462

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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