8.4M BTC UNDERWATER, $BTC STILL STUCK ⚠️
Bitcoin remains trapped in a $60,000–$70,000 range as a heavy supply overhang from coins bought near cycle highs continues to weigh on price discovery. Long-term holders are still realizing roughly $200M in daily losses, while spot demand on a top-tier exchange has only turned marginally positive and derivatives positioning remains largely flushed.
Watch liquidity absorption, not headlines. Let the underwater supply keep trading hands; the real signal is a sustained collapse in long-term holder losses toward the $25M/day threshold. Respect every failed bounce until spot buyers keep control and leverage stays muted. Track whether whales defend the range or keep distributing into strength.
This matters because BTC looks less like a breakout and more like a forced redistribution phase. When supply is this dense and institutional support is thin, price usually needs time—not hope—to reset. I want to see real spot follow-through before believing any clean reversal.
Not financial advice. Manage your risk.
#Bitcoin #BTC #Crypto #WhaleWatch #TopTierExchange
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