Crypto: Bitcoin Enters ‘early Bear Phase’ As $84k Becomes Key BTC Support

Bitcoin's profit cycle has turned negative for the first time since 2023, suggesting that BTC is transitioning into a bear market

Bitcoin’s (BTC) drop below $90,000 has pushed onchain profitability metrics into the negative territory, signaling BTC’s entry into a bear market, new research revealed.

Data from TradingView showed that Bitcoin price action had established a new range on lower time frames, and market observers were watching the key support levels below.

Bitcoin’s net realized profit/loss reveals that the market could be entering a macro downtrend.

The buyer congestion zone between $80,000 and $84,000 remains the main BTC support for now.

In the Thursday edition of its regular newsletter, The Weekly Crypto Report, onchain data provider CryptoQuant said that Bitcoin holders are transitioning from booking profits to realizing losses for the first time in over two years.

The report said that net realized profit/loss, which captures the aggregate gains or losses investors lock in when they move coins onchain, has dropped to 69,000 BTC over the last 30 days, signaling a significant decline in market strength.

Related: Bitcoin analysts predict ‘prolonged consolidation’ for BTC price

“Bitcoin holders began realizing net losses for the first time since October 2023,” analysts at CryptoQuant said, adding:

Meanwhile, annual net realized profits have dropped sharply, falling to 2.5 million BTC from 4.4 million BTC in October, levels last seen in March 2022.

Source: CoinTelegraph