About 6.3M $BTC are now sitting at an unrealized loss, mostly in the –10% to –23.6% range, a structure similar to the Q1 2022 range-bound market, not a deep capitulation.
The zone between $88.6K (Active Investors’ Realized Price) and $82K (True Market Mean) is now the key battleground.
Holding above it suggests a mild bearish phase, while losing it risks a full bear market structure like 2022–23.
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About 6.3M $BTC are now sitting at an unrealized loss, mostly in the –10% to –23.6% range, a structure similar to the Q1 2022 range-bound market, not a deep capitulation.
The zone between $88.6K (Active Investors’ Realized Price) and $82K (True Market Mean) is now the key battleground.
Holding above it suggests a mild bearish phase, while losing it risks a full bear market structure like 2022–23.