Glassnode analysis identifies the key metrics that are likely to mark the next phase of BTC price expansion. Key takeaways:Over 22% of the Bitcoin supply is currently held at a loss, increasing sensitivity to support breaks. Bitcoin liquidity is the metric to watchIn an X post, Glassnode said that the market’s attention has shifted to liquidity after Bitcoin held the support range between $80,700 and $83,400. More than 22% of the circulating Bitcoin supply is currently held at a loss, a condition previously seen in Q1 2022 and Q2 2018. Bitcoin BTC inflows for 30DMA.