🚨 Bitcoin on-chain positioning (technical view) $BTC is trading in a mid-cycle stress zone, not a bear market breakdown. • Realized Price: $54K → still below spot (structural support intact) • True Market Mean: $82K → spot below (active capital underwater) • Active Investor Mean: $88K → overhead resistance • STH Cost Basis: $83–84K → short-term holders in loss Spot: ~$70.9K → Above only realized price → Below key cost-basis clusters This configuration historically signals: * Elevated sell pressure (underwater STHs) * Late-stage correction dynamics Conclusion: Not capitulation territory like 2022, but a compression phase where bottoms tend to form.
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