Bitcoin Faces Critical $60K Test Amid Supply Pressure
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Bitcoin's current price action presents a paradox: while trading well above historical bear market lows, nearly half of its supply is now held at a loss, creating significant psychological pressure. The $60,000 level has emerged as a critical threshold that could determine whether recent market strength holds or gives way to broader selling pressure.
On-chain data reveals approximately 46% of Bitcoin's supply is underwater, indicating substantial unrealized losses across the market. This concentration of underwater positions around current price levels suggests heightened volatility potential, with $60,000 serving as a key technical and psychological support zone that could trigger either consolidation or accelerated selling depending on market response.
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