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Bitcoin Trades Near $60K as 5.6M BTC Held by Long-Term Holders Turn Unprofitable

Yusuf IslamJune 26, 2026Last Updated: June 26, 2026

3 minutes read

Bitcoin Near $60K as 5.6M LTH BTC Turn Unprofitable

Bitcoin’s $58,176 support now separates stabilization from a deeper mid-$50K decline.
Long-term holders carry 5.6 million BTC at a loss, the highest level since 2020.
A rebound must clear $64K before confronting the $67,602-$70,513 resistance gap.

Bitcoin remained close to $60,000 on June 26 as sellers tested a critical support zone and long-term holders faced their largest unrealized loss burden since 2020. The BTC/USDT daily chart placed Bitcoin at $60,258 after the price briefly fell to $58,333. Meanwhile, Glassnode reported that long-term holders now carry 5.6 million BTC at a loss. The session opened at $59,794 and reached $60,759 before recovering from its intraday low. Bitcoin gained $464, or 0.78%, although its wider market structure remained under pressure.

Sellers Press Bitcoin Toward $58K Support

Bitcoin’s current decline followed a May peak of $82,850. Since that high, the cryptocurrency has formed lower peaks and lower troughs, showing that sellers continue to control recovery attempts. The price now trades close to $58,176, which marks the bottom of the Fibonacci range shown on the chart. That level separates the current trading area from a possible move into the mid-$50,000 region.

A wider descending trendline points toward the $58,000 area, while a steeper projected path extends toward approximately $54,000. Both structures reflect the downward direction that has developed since May. Can buyers defend $58,176 before persistent selling pressure drives Bitcoin deeper into the mid-$50,000 range?

A firm hold above $58,176 could allow Bitcoin to stabilize and approach $63,999, the first marked Fibonacci resistance. Further barriers appear at $67,601, $70,513, $73,424 and $77,569. The chart also marks a fair value gap between approximately $67,602 and $70,513. Price moved quickly through this area during the sell-off, leaving a broad potential resistance zone overhead.

Bitcoin would need to reclaim that range before challenging the higher Fibonacci levels. Until then, the chart continues to show a market trading beneath descending resistance and near its immediate support floor. Momentum also remains weak. The 14-day Relative Strength Index stands at 32.72, while its signal average sits higher at 37.75. That reading places Bitcoin near the chart’s oversold region. Selling pressure therefore remains dominant, although the lower momentum reading leaves room for a short-term price reaction.

Long-Term Holder Losses Reach 2020 Extreme

Glassnode added an on-chain dimension to the price decline through a chart published on X. The chart tracks Bitcoin supply held at a loss by long-term investors between 2014 and 2026. The orange line represents long-term holder supply in loss and uses a scale ranging from zero to six million BTC. The black line tracks Bitcoin’s dollar price on a logarithmic scale.

According to Glassnode, Bitcoin’s fall below $60,000 pushed loss-making long-term supply to 5.6 million BTC. That represents the highest level recorded since the Covid-driven market crash in 2020. The latest increase followed a sharp rise from levels near zero during 2025. At the same time, Bitcoin’s price retreated from the upper range shown by the black line.

Earlier market cycles produced similar increases during extended downturns. Long-term holder losses moved above five million BTC in 2015 and approached comparable levels during 2019. The metric also surged during the 2020 market shock and again exceeded five million BTC during the 2022 decline. In contrast, it fell near zero during stronger periods.

Those lower readings appeared during parts of 2017, 2021, 2024, and 2025. During those phases, rising prices reduced the amount of long-held Bitcoin sitting below its acquisition value. Glassnode said the “resolution of overhang supply is extending, not concluding.” The statement indicates that the market continues to carry a large pool of underwater long-term holdings.

Bitcoin nevertheless remains far above the price levels recorded during earlier cycles. The current data, therefore, combines a historically elevated loss burden with a market price still near $60,000.

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