Bitcoin under water Source: AdobeStock.

The bear market for Bitcoin has entered its “deepest and darkest” phase, with even long-term holders who had toughed it out until now coming under extreme pressure.

That’s according to strategists at Glassnode, which tracks an indicator known as realized price, the average purchase price of all Bitcoins in circulation. The cryptocurrency is currently trading roughly $1,000 below the coin’s current realized price of $23,430, according to the firm. Bitcoin price was around $22,500 Tuesday afternoon in New York.

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