GugaOnChain
Capitulation With Support: Who Sustains BTC While The Market Bleeds?
In-depth data, including all metric breakdowns and visual trend analysis, is available in the full infographic. The information below is an executive summary of the on-chain panorama. Bitcoin remains in capitulation, with strong selling pressure and extreme fear in the market. However, accumulators, retail, and miners are acting as a geological support, even if just for a brief moment, sustaining the price between $66K and $70K. On-chain analysis indicates that Bitcoin has not experienced a more severe correction so far due to the joint action of this group. But even with this action, it is unlikely that they will prevent the asset from reaching the $55K region, which corresponds to its Realized Price. What is left for the investor? Protect their capital and be prepared for the subsequent accumulation phase. PILLARS OF BITCOIN'S CURRENT GEOLOGICAL SUPPORT ACCUMULATORS ◾ Above-average demand → 371.9K BTC (vs. 30-day SMA of 299.1K). ◾ Behavior → continuing to buy even in a capitulation scenario. ◾ Strategic Impact → provide a support base, reducing the risk of an immediate collapse. RETAIL ◾ 30-day participation → +6,384 BTC. ◾ Behavior → small investors accumulating amidst extreme fear. ◾ Strategic Impact → reinforce distributed holding, preventing selling pressure from being fully absorbed. MINERS ◾ MPI → -1.11 — sharp reduction in BTC sent to exchanges. ◾ Puell Multiple → 0.77 — low revenue, but a signal of accumulation. ◾ Strategic Impact → act as stabilizing agents, holding supply and preventing excess liquidity. CONCLUSION Despite the geological support from accumulators, retail, and miners, the trend points toward a test of $55K. Protecting capital now means ensuring strategic positioning in the next phase.