Bitcoin shows no capitulation signal yet, suggesting room for further downside

Bitcoin has yet to show signs of capitulation selling in on-chain data, suggesting the market is either in a mild correction or could face further downside, according to CryptoQuant research analyst Julio Moreno. Moreno said Bitcoin holders over the past year have realized losses totaling about 136,000 BTC, referring to on-chain stop-loss selling as realized loss. In previous cycles, Bitcoin formed a price bottom when annual realized losses reached 1.3 million BTC to 3.7 million BTC. Moreno added there is still no selling signal that could be seen as capitulation, which could mean either this is the cycle with the smallest amount of on-chain stop-loss selling or the market remains far from a bottom.