Over 7.8M BTC currently held at a loss, says Glassnode

With Bitcoin's price hovering around $76,700, more than 7.8 million BTC are currently held at a loss, according to on-chain analytics firm Glassnode. The firm explained that this indicates a substantial volume of BTC was purchased near recent short-term peaks. For the market to achieve a structural rally, it must first absorb the selling pressure from these holdings.