Nearly half of $BTC supply is underwater now.
Around 45–46% of BTC sits at an unrealized loss, a zone historically associated with deep bear-market stress rather than cycle tops.
But price still trades below the 20D and 50D EMAs, with $61K–$62K acting as the line I’d watch.
To me, that creates a strange setup: onchain pain already looks advanced, while the chart still leaves room for another leg lower toward the low-$50Ks if support fails.
How much more selling can the market absorb before loss turns into capitulation?
Around 45–46% of BTC sits at an unrealized loss, a zone historically associated with deep bear-market stress rather than cycle tops.
But price still trades below the 20D and 50D EMAs, with $61K–$62K acting as the line I’d watch.
To me, that creates a strange setup: onchain pain already looks advanced, while the chart still leaves room for another leg lower toward the low-$50Ks if support fails.
How much more selling can the market absorb before loss turns into capitulation?
