Bitcoin Records $2.3B in Realized Losses
Separately, CryptoQuant analyst IT Tech reported that Bitcoin has recorded $2.3 billion in realized losses over a seven-day average. That puts this sell-off among the top three to five loss events in Bitcoin’s entire history, right alongside the Luna and FTX crashes of 2022.
Also Read: Crypto Is Not in a Bear Market, Claims Tom Lee as Ethereum Activity Jumps 115%
BTC is currently trading around $68,283 after briefly dipping to $60,000 earlier this month. CryptoQuant flagged $55,000 as Bitcoin’s realized price, a level where bear markets have historically bottomed out.
In past cycles, BTC traded 24% to 30% below that mark before finding a floor.
What Comes Next for Bitcoin?
IT Tech warned that while extreme loss spikes have triggered rebounds before, relief rallies also show up during extended downturns. Nick Ruck from LVRG Research placed potential support between $40,000 and $60,000 depending on how conditions develop.
Ruck added that confirming a real bottom would need sustained institutional buying or miner stabilization beyond the current wave of distressed selling.
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