Bitcoin’s price slid toward $86,000 as on-chain data showed weakening momentum, suggesting a market bottom has not yet been reached. The Net Unrealized Profit/Loss metric remained positive, indicating persistent selling pressure, while spot exchange flows showed net selling of approximately $213 million over the past week. Analysts note the asset is in a key historical demand zone, but a sustainable recovery would require overcoming nearby resistance.
Bitcoin’s price action printed a lower low and kept market sentiment fragile as it slipped toward the $86,000 region. On-chain data pointed to weakening momentum and the potential for further downside continuation.
The Bitcoin Net Unrealized Profit/Loss continued to trend lower, indicating a growing number of investors are panic-selling. This behavior aligned with the broader market sentiment, as the Fear and Greed Index stayed in the “fear” zone at a value of 29.
Historical data shows that NUPL tracking cycle structure well when measured against zero. A move into negative territory has historically marked a market bottom and preceded sharp rebounds to new price highs.
At press time, NUPL remained positive, suggesting downside pressure could persist. A shift to rising NUPL momentum could, however, stabilize conditions and support a recovery attempt.
Despite the uncertain price structure, investors continue to accumulate Bitcoin, signaling many may view current levels as discounted. The Delta Growth Rate had turned negative, signaling a shift from speculation toward fundamental accumulation.
Spot demand remained weak, with centralized exchanges recording roughly $213 million in net selling over the past week. This left BTC dependent on renewed spot inflows to regain upside traction, contrasting with the $943.7 million in spot buying seen the prior week.
From a technical perspective, the chart suggested Bitcoin may attempt a rebound from a key historical demand zone. The asset must first overcome a resistance band between $89,228 and $90,180.
A decisive break above this range could open the door to filling the fair value gap between $93,673 and $94,977. Despite lingering uncertainty, Bitcoin remains at a pivotal level where shifts in sentiment could define its next major move.
