Bitcoin sellers resumed activity as the price fell below $70,000, signaling the final stages of a bear market. Analysts noted extreme fear and widespread losses, with 40% of Bitcoin's supply held at a loss.
The Net Unrealized Profit/Loss (NUPL) dropped below 0.25, placing Bitcoin in the 'hope/fear zone.' A recovery above 0.25 could signal a shift to optimism and stronger price momentum.
Glassnode reported that 15% of Bitcoin's market cap is in unrealized losses, suggesting prolonged fear. Entity-adjusted realized profit has fallen over 96% from its peak, further indicating demand exhaustion.
Key price levels to watch include $70,000, with support at $65,000-$60,000. Below that, the $54,000 realized price level is significant. On the upside, $82,200 represents key resistance.
Technical analysts warn that a breakdown below $70,000 could push prices toward $62,500-$60,000. The next major area of interest may be under $50,000.
