Bitcoin Market Approaches True Bear Market Levels with Growing Pressure

The Bitcoin market has been experiencing a period of tension, with several on-chain indicators suggesting that it is approaching true bear market levels. According to data from CryptoQuant, around 11.2 million BTC are still in profit, while approximately 8.2 million are held at a loss.

This shift in the market's structure has led some analysts to believe that Bitcoin may be entering a historically attractive valuation zone. However, others argue that this is not yet indicative of a total capitulation and that the market could still experience further volatility before a more durable recovery.