Bitcoin Dips Under $63K as Market Enters Full Capitulation Phase
Bitcoin fell below $63,000 amid panic selling by short-term holders, signaling a potential capitulation phase and market bottom formation.Summary
Bitcoin (BTC) resumed selling activity, dropping 4% to an intraday low of $62,700 on Tuesday, pushing it below the $63,000 mark. Analysts suggest this indicates the market has entered an "excess loss-realization" phase, driven primarily by short-term holders reacting to uncertainty, as evidenced by the Short-Term Holder SOPR dropping to 0.95.
Furthermore, Bitcoin's weekly Relative Strength Index (RSI) reached an extremely oversold level of 25.71, a point historically preceding long-term recoveries, although further short-term downside is possible. Glassnode confirmed the transition into a full loss-realization regime as the 90-day simple moving average of the realized profit/loss ratio fell below 1. While market pressure remains, these extreme oversold conditions, coupled with low fear and greed index readings, suggest a potential macro bottom may be forming.
(Source：Cointelegraph)