Bitcoin investors who purchased at the $107,000 level may be providing early signals of a bear market bottom, according to analytics firm Glassnode. The patterns in realized losses appear to mirror reversal structures that have marked previous market cycle lows.
Glassnode analysis shows that Bitcoin realized losses are exhibiting a structure similar to that seen during the bottoms of previous bear markets. The data suggests that the selling pressure from loss-making holders may be exhausting, a condition that has historically preceded price recoveries. The firm identified $69,000 as a new key battleground price level for Bitcoin.
The analysis comes as Bitcoin has been trading in a broad range between $58,000 and $65,500 following its decline from all-time highs above $126,000. The cryptocurrency has lost roughly 50 percent of its value from its peak, placing it firmly in bear market territory by traditional definitions.
Long-term holder behavior is also showing signs of capitulation, a pattern typically associated with market bottoms. Galaxy Digital Alex Thorn noted that veteran whales have halted a two-year selling spree, with old wallet activity dropping by 50 percent in 2026. This suggests that the great distribution phase may be ending.
Other analysts have pointed to additional bottoming signals. Fidelity director of global macro Jurrien Timmer believes Bitcoin may have reached a key mathematical floor, while legendary trader Peter Brandt has identified a potential inverted head and shoulders bottoming pattern on Bitcoins chart. BlackRock CEO Larry Fink has said that Bitcoins leverage problem has largely been resolved after the recent market shakeout.
This article was adapted from Cointelegraph. Read the original here.
