Glassnode: Selling pressure persists with over 7.8M BTC at a loss

According to Glassnode, more than 7.8 million BTC are currently in a state of unrealized loss with the price at approximately $76,700. The analytics firm noted that a significant supply overhang from investors who bought near the cycle high remains in the market. Glassnode's analysis suggests that for a structurally sustainable uptrend to form, the market must first absorb this selling pressure.