Bitcoin Loses $2.3B in Seven Days but $60K-$62K Support Zone Emerges
The Bitcoin (BTC) market is experiencing a surge in realized losses, reaching approximately $2.3 billion on a seven-day basis. This level of loss was last seen during the June 2022 Luna and UST crash.
However, this time around, the sell-off is unfolding near $67,000 rather than $19,000. Axel Adler's on-chain assessment notes that the Bitcoin Net Realized Profit/Loss seven-day moving average has dropped to around -$1.99 billion, indicating persistent seller pressure and ongoing capitulation among investors who entered at higher prices.
Historically, a sustained return above zero marks transitions back to profit-dominant market phases. The current wave of losses is attributed to the flushing out of late-cycle buyers and leveraged positions rather than a repeat of 2022's collapse.
The next critical support area for Bitcoin is emerging in the $60,000-$62,000 region, aligning with prior consolidation zones. Holding that range could stabilize sentiment; a break below it could open the door to deeper retracement.