[DigitalToday reporter Yoonseo Lee (이윤서)] Bitcoin has fallen below $67,000, prompting signals that a weak market could be prolonged.

CoinDesk, a blockchain media outlet, reported on April 2 (local time) that Bitcoin fell more than 3 percent over the past 24 hours. It traded about 45 percent below its all-time high recorded in October 2025.

The market is focusing not only on the size of any additional decline but also on the possibility of “time pain.” If “price pain” refers to a situation where sharp drops or big volatility trigger position liquidations, “time pain” refers to a phase in which a rangebound market without a clear direction persists for a long period, increasing fatigue on both the buying and selling sides.

That also means a longer, more tedious correction could follow than a short-term plunge. Sharp declines can clear excessive leverage in a relatively short time, but a sideways market can gradually exhaust investor sentiment and weaken expectations among market participants.

Glassnode’s “Realized Cap HODL Waves” has been cited as an indicator showing the possibility that time pain could continue. The metric divides Bitcoin supply by holding period based on when coins last moved, then calculates a value weighted by the realised price, the average price at which the coins were last transacted on-chain.

The metric reflects not only how long coins have been held but also the price levels at which market participants held them and for how long. It is used to assess accumulation during a bear market. In particular, a higher share of long-term holders reduces short-term selling pressure and is interpreted as a reference indicator for judging whether the market is gradually moving into a bottoming phase.

In past bear markets, bottoms often formed when long-term holders who had held for at least 6 months controlled at least 85 percent of total supply. A pattern also repeated in which prices bottomed first and only months later did the long-term holder share rise to a high level. The long-term holder share is currently about 80 percent, still below the 85 percent level observed in past bottom zones. That is read as meaning that although the market has already undergone a significant correction, it still has distance to go before reaching a zone typically interpreted as a bottom signal.

Ultimately, what the market is wary of at this point is not the sharp drop itself but the time needed to form a bottom. If the long-term holder share rises further, the market could move closer to a base-building stage, but Bitcoin could still remain in a range for months without a clear rebound.