Glassnode reports that the Bitcoin market has entered a deep bear phase, with prices dropping approximately 45% from $110,000 to $60,000 since late last year. Long-term holders have realized profits of about 318,000 BTC since November, contributing to downward price pressure. However, their selling has slowed as holdings increase since December. The market loss level at $60,000 is around 24%, indicating a bear market but not extreme panic, which occurs above 50%. Prices remain 37% below the top 20% holders' cost basis, reflecting significant psychological pressure on high-level buyers.