Bitcoin Enters Depression Phase as $63k Holds Despite $100M Hack

Bitcoin's resilience in the face of recent market events has led analyst SalsaTekila to declare that the cryptocurrency is now in the 'depression phase' of its cycle. Despite a $100 million hack on Coldcard, Michael Saylor selling more BTC, and over 20,000 BTC hitting exchanges, Bitcoin remains steady around $63,000.

SalsaTekila pointed out that Bitcoin has already absorbed significant selling pressure, including record ETF outflows, major quantum fears, and constant forced selling fears from underwater treasury companies. He believes the market is in a state of extreme bearish sentiment, but with fading selling pressure.

Pseudonymous analyst Victor agrees, citing on-chain data that shows Bitcoin's Adaptive Sell-Side Risk Ratio is sitting near the bottom percentile. This setup has historically appeared during the final stages of bear markets, including at $3,000 in 2018 and $16,000 to $25,000 in 2022-2023.

However, analyst Ali Martinez cautions that miner selling and exchange inflows are still adding sell pressure. Bitcoin miners sold around 1,774 BTC worth $112 million over the past week, while over 20,000 BTC hit exchanges. This mixed picture creates uncertainty heading into the week.