As market pressure continues, investor behavior becomes as important as Bitcoin’s price action. According to the latest on-chain data, new Bitcoin (BTC) buyers are increasingly taking losses rather than waiting for the recovery.
This trend is becoming increasingly clear. The 30-day average of Bitcoin, which was sent to the exchanges at a loss, increased to 2,450 BTC.
Rather than reflecting routine profit-taking, the shift signals capitulation by investors who purchased their cryptocurrencies for between $75,000 and $126,000.
The pressure is becoming clearer as monthly losses reach a record $90 million. This figure exceeds previous surrender phases. Moreover, this situation also shows that new buyers are exposed to greater losses because they enter the market at much higher prices.
Even so, history shows that capitulation usually occurs near the later stages of a market reset. However, if the Short-Term Owner SOPR, Out-of-Loss UTXOs and Realized Profit/Loss Ratio begin to stabilize, the selling pressure may gradually ease.
Until then, weak hands will continue the transfer Bitcoin To investors with stronger faith.
Fresh demand revives support
This supply transfer is now starting to reshape Bitcoin’s short-term holding structure. According to the latest data, new buyers are stepping in at every opportunity to absorb the existing supply rather than a second round of distribution from the STH base.
This trend is clearly visible in the price area between $62,000 and $65,000, where a new cost floor was established as Bitcoin bounced from its low point at $57,000.
The increased demand for the region also supports the idea that this range will provide support for Bitcoin in the near term.
However, most of this growth occurred at the end of the recovery period. Therefore, $66,000 represents the confirmation price point for investors to ensure they have a “new” cost basis for the asset.
If a strong price action surpasses $66,000, this will likely strengthen the belief that the upside momentum will continue.
Otherwise, failure to regain this level may cause end buyers to exit, reviving short-term selling pressure. For now, $66,000 remains the dividing line between continued accumulation and a potential local top.
This supply transfer is now starting to test Bitcoin’s recovery. As BTC traded around $64,700-65,000, attention turned to the $66,000 resistance. The Sell Side Risk Ratio continues to decline, indicating that seller burnout is increasing.
Meanwhile, apparent demand increased from approximately -275,000 BTC to -172,960 BTC. This means that fresh purchases are slowly absorbing the supply. However, neutral funding rates and range-bound Open Interest suggest stronger Spot demand is still required to confirm a sustainable recovery.
Final Summary
- Bitcoin seller burnout is increasing, but $66,000 remains the key level to confirm a sustainable recovery.
- Bitcoin demand is increasing but stronger Spot buying is needed to confirm the trend reversal.
