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<p class="is-style-lead">Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) faces mixed sentiments amid the consolidation below $28,000. Glassnode shared intriguing insights into bitcoin&#8217;s on-chain activity, shedding light on two key metrics offering valuable market sentiment and price movement indicators.</p>



<p>In a tweet earlier today, Glassnode called attention to the BTC number of addresses in the Loss indicator. The platform noted that the indicator has surged to a four-month high of 17,168,229. This metric is derived by calculating the average number of bitcoin addresses that currently hold a loss over seven days. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">📈 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> Number of Addresses in Loss (7d MA) just reached a 4-month high of 17,168,229.613<br><br>Previous 4-month high of 17,161,501.905 was observed on 12 June 2023<br><br>View metric:<a href="https://t.co/s2ciFMlDcX" target="_blank">https://t.co/s2ciFMlDcX</a> <a href="https://t.co/dq2rRlPaKC" target="_blank">pic.twitter.com/dq2rRlPaKC</a></p>&mdash; glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1668804398443638785?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 14, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>It indicates the number of addresses that bought BTC at a higher price than its current value. The rising trend suggests that many BTC holders are currently witnessing unrealized losses, potentially leading to psychological pressure within the market.</p>




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<p>While the increasing number of addresses in loss might seem concerning, it is essential to consider it within the broader context of <a href="https://crypto.news/whale-moves-over-1-4k-btc-for-first-time-in-10-years-amid-crypto-downturn/">bitcoin&#8217;s</a> price volatility. Such metrics can reflect a temporary phase of market correction or consolidation.&nbsp;</p>



<p>However, the BTC Reserve Risk, the second metric highlighted by Glassnode, has hit a one-month low of 0.000025. This metric measures the confidence level of long-term BTC holders by assessing the risk of a major sell-off based on the Bitcoin Reserve Risk indicator.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">📉 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> Reserve Risk (7d MA) just reached a 1-month low of 0.000025<br><br>Previous 1-month low of 0.000026 was observed on 13 June 2023<br><br>View metric:<a href="https://t.co/qNLjuk1sxH" target="_blank">https://t.co/qNLjuk1sxH</a> <a href="https://t.co/IY9HvAOdIE" target="_blank">pic.twitter.com/IY9HvAOdIE</a></p>&mdash; glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1668819368933826560?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 14, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>A decrease in Reserve Risk implies higher confidence among long-term holders, as they are less likely to sell their holdings during price declines.</p>



<p>It also suggests that bitcoin&#8217;s long-term investors are becoming more resilient to short-term price movements and are confident in the asset&#8217;s prospects. This can be seen as a positive sign, as it suggests that BTC is attracting a more substantial base of committed investors with a long-term vision for the digital currency.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="1130" height="605" src="https://crypto.news/app/uploads/2023/06/BTC-price-June-14.png" alt="Bitcoin on-chain metrics send mixed signals amid market volatility - 1" class="wp-image-14169095"><figcaption class="wp-element-caption">BTC price &#8211; June 14 | Source: Trading View</figcaption></figure>



<p>Meanwhile, BTC has continued to range between $26,400 and $25,600 for the past three days since the 2.40% drop observed on June 10. Despite the 2.40% decline, BTC performed better than most assets that day, as the rest of the market slumped by bigger margins.</p>



<p>Bitcoin is trading for $25,961 at the time of reporting, down 0.61% in the past 24 hours.</p>




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Bitcoin on-chain metrics send mixed signals amid market volatility

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