The Bitcoin market is showing growing sell-side pressure, with on-chain data pointing to panic-induced selling. CryptoQuant analyst GugaOnChain noted a recent capitulation phase using the Bitcoin Realized Profit and Loss ($) metric, which measures profits and losses investors lock in when they sell BTC.
About $1.705 billion of BTC was realized in losses, while roughly $605 million was realized in gains, putting the Loss/Gain ratio at 2.82—meaning nearly $3 lost for every $1 gained. Some 74% of realized volume is in losses versus 26% in profits. Rapid surges in realized losses are often read as signs of capitulation, which historically can precede either recoveries or deeper declines depending on market inflection points.
GugaOnChain identified key price levels that could determine Bitcoin’s next move. If bearish pressure continues, a potential redemption zone is around $71,450—the realized price for coins held about 12–18 months. A more extreme downside support sits near $58,940, the realized price for coins aged 18 months to 2 years. On the weekly timeframe, zones near $80,000 and $74,000 could support a short-term recovery if they meet selling with strong buying pressure.
At the time of reporting, Bitcoin traded around $89,331 with little 24-hour movement. Sources: CryptoQuant (GugaOnChain) and TradingView.
