K33: Over 50% of BTC supply now at a loss, bottom may be near

More than 50% of Bitcoin's circulating supply is now in a loss position, a common signal that has historically appeared weeks before a bear market bottom, K33 said in an analysis. According to The Block, the firm noted that selling pressure from profitable BTC holders is gradually being exhausted. Historically, when the supply held at a loss by long-term holders reached the 50-56% range, it was often not followed by additional sell-offs. The analysis also pointed out that the current downturn has touched the 200-week moving average, an indicator that has marked every past bear market bottom. However, K33 cautioned that in similar past scenarios, a further decline of 15-26% often preceded the "true bottom." The firm concluded that the $60,000 level could be viewed as either BTC's cycle bottom or a long-term accumulation zone.