Bitcoin continues to trade in the $66,000 range following a corrective wave last week. The leading cryptocurrency remains in a bear market that began in October 2025 and has seen a roughly 52% decline from the cycle’s all-time high. Still, recent on-chain indicators point to some constructive signs that could support a nascent recovery.
CryptoZeno’s QuickTake notes that Bitcoin’s price is holding above the short-term holder (STH) realized price, a key psychological level that implies many short-term investors remain in profit despite recent losses. Holding above this cost basis typically reduces immediate selling pressure that would otherwise deepen a correction.
The 7-day Spent Output Profit Ratio (SOPR) is around 1, indicating coins are generally being sold at or near purchase price. During consolidations, a sustained SOPR near or slightly above 1 is more consistent with moderate profit-taking than wholesale distribution. Complementing this, the 30-day exchange netflow recorded steady outflows over the past week — a pattern often associated with accumulation, especially when withdrawals resemble levels seen in early-to-mid bullish phases.
Price action since the local low of about $60,000 in early February has been an upward consolidation, with intraday swings reaching near $76,000 and frequent retracements to roughly $65,000. Taken together, the STH realized price holding, SOPR behavior, and exchange outflows suggest intact structural support, orderly profit realization, and reduced available supply — factors that can underpin the current consolidation.
That said, CryptoZeno cautions that waning price momentum and a declining STH realized price leave Bitcoin in a fragile state. If the support provided by the STH realized price fails, it could prompt renewed selling and a short-term dip or sentiment shift.
At press time, Bitcoin was trading at $66,748, up about 1.04% in the last 24 hours. Daily trading volume has fallen sharply — down roughly 53.48% — signaling weaker market participation and limited conviction behind the recent move.