$BTC ON-CHAIN SHIFT

📉 60% → ~27%

Bitcoin outputs that were underwater have fallen dramatically—from nearly 60% to around 27%.

That’s a major shift in Bitcoin’s on-chain structure.

But here’s the key point: less BTC in loss does NOT automatically mean fresh demand is entering the market.

📍 Key zones:
• ~$71.3K — Active-supply cost basis
• ~$79.8K — Invested-capital resistance

Bitcoin has absorbed a significant amount of market pain.

Now the question is:

Where does the next wave of demand come from?

🔥 Fresh demand enters → BTC could challenge higher resistance.

⚠️ Demand remains weak → downside pressure could return.

The market absorbed the pain. Now it needs buyers.
$BTC