Analysis: BTC enters the pressure testing phase, and the loss UTXO approaches the historically high-risk range

Market analyst "COINDREAM" posted on the CryptoQuant platform, stating that the percentage of Bitcoin UTXOs in loss has re-entered the 27-30% range, highly similar to the downward pattern of 2022. This indicator shows that a large number of market participants have shifted from profit to an unrealized loss state.

The analysis points out that this range is not simply a bear market signal, but a key decision zone for market pressure: if it breaks above 30% and maintains, it could trigger further declines; if it stagnates and falls within the 27-30% range, it indicates that selling pressure may have been exhausted, potentially leading to a trend recovery. The current stage is seen as a test of how much panic the market has absorbed, rather than the beginning of panic.