ChainCatcher report, according to Cointelegraph, Bitcoin has once again fallen below $70,000, with multiple on-chain and technical indicators suggesting the current bear market is entering its later stages. On-chain data shows Bitcoin’s Net Unrealized Profit/Loss (NUPL) has dropped below 0.25, entering the “hope/fear” zone. CryptoQuant analyst The Enigma Trader noted that this means approximately 40% of Bitcoin’s circulating supply is currently at a loss, compounded by the Fear & Greed Index falling to 15—indicating “extreme fear”—and reflecting “pain and uncertainty.” He added that if NUPL rises back above 0.25, it would signal entry into an optimistic zone; historically, this shift has often coincided with strengthened price momentum. Glassnode stated that the 7-day moving average of relative unrealized loss has stabilized at 15%, noting that historically, resolving this level of embedded loss requires time, further price declines, or sustained inflows of fresh capital within a compressed timeframe. Additionally, Bitcoin’s entity-adjusted realized profit has declined from a daily peak of $3 billion in July 2025 to under $100 million today—a drop of over 96%. Glassnode described this as “further evidence of demand exhaustion” and a “textbook characteristic of a bear market transitioning into its final phase.” Key levels: Bitcoin has recently been trading in a range, with support around $64,000 and resistance near $72,000. Glassnode noted that Bitcoin is struggling to hold the 1-week to 1-month holding cost base at $70,200, but accumulation of buying pressure at this level remains insufficient; “the probability of a breakdown below this level cannot be ignored until stronger buying support is established.” Primary downside support is referenced at Bitcoin’s realized price of approximately $54,000; upside resistance lies at the 1- to 3-month holding cost base of $82,200 and the short-term concentration zone above $84,000. Technical analyst CryptoPatel stated that Bitcoin’s recent rally to $76,000 was merely a lower high, and the higher-timeframe structure “points lower,” with the next truly significant zone being below $50,000.
Bitcoin bear market enters late stage; $64,000 becomes key support level
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Summary
Bitcoin has fallen below $70,000, with the Fear & Greed Index dropping to 15, signaling "extreme fear." On-chain data shows the NUPL has dipped below 0.25, entering the "hope/fear zone." $64,000 is now a critical support level. Glassnode reports unrealized losses at 15%, with daily realized profits down over 96% from July 2025. Resistance is at $72,000, with further downside risk if the $70,200 holding cost level breaks.
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