Bitcoin Analysts Say BTC Market Has Entered Full Capitulation
A report from Cointelegraph says Bitcoin sellers resumed activity on Thursday as the BTC price dropped below $69,000, the lowest since Nov. 6, 2024. Analysts described signs of “full capitulation” and a potential bottom forming, citing extreme market fear, panic selling by short-term holders and an oversold relative strength index.
Cointelegraph reports nearly 60,000 BTC held by short-term holders were moved to exchanges at a loss over 24 hours, the largest exchange inflow year-to-date according to CryptoQuant, contributing to selling pressure. Glassnode found the seven-day simple moving average of realized losses rose above $1.26 billion per day and said the spike, along with a capitulation metric printing its second-largest two-year jump, reflects marked fear and seller exhaustion.
The Crypto Fear & Greed Index posted an “extreme fear” score of 12, a level the article notes has coincided with prior bottoms.