Bitcoin faces a sixth consecutive monthly decline, trading near critical support at approximately $66,800. On-chain analysis shows the price is approaching the $63,049 cost basis of long-term holders who accumulated 18-24 months ago, a breakdown of which could signal further downside. Corporate entities, including Mara Holdings and Riot Platforms, have reduced their Bitcoin treasuries, adding to selling pressure amid weak capital inflows and compressed investor profits.
Bitcoin’s price correction has extended for six months after peaking at a record high of $126,000. The asset is now nearing a crucial support level where a significant cohort of long-term holders originally accumulated their positions.
Corporate Bitcoin treasuries have seen a modest 1% reduction as several entities trimmed exposure. Mara Holdings led this sell-off by liquidating 15,133 BTC worth over $1 billion in March.
Riot Platforms and Empery Digital followed, offloading a combined 2,295 BTC valued at approximately $156 million by early April. Despite these sales, corporate entities collectively still control around 1.16 million BTC worth about $77 billion.
On-chain data highlights Bitcoin approaching the $63,049 cost basis for holders who bought between 18 months and two years ago. A sustained move below this level could trigger defensive selling from this group.
Short-term holders who purchased within the last month present an additional risk layer due to their sensitivity to volatility. The Net Unrealized Profit/Loss metric, at a reading of 0.6, indicates a sharp compression in network-wide profitability.
Market structure data reveals limited capital inflows to support a price recovery. Spot purchases totaled roughly $8.04 billion over 120 days, with only $6.17 billion flowing in over the last 90 days.
This subdued demand is insufficient to absorb sustained selling pressure. Ongoing macro uncertainty and geopolitical tensions continue to weigh on risk sentiment, further constraining inflows.
