[Analysis] “Bitcoin entering early stages of a bear market…focus on whether $84,000 holds as support”

Bitcoin (BTC) is said to have entered the early phase of a bear market as on-chain profitability indicators deteriorate. The $84,000 level is emerging as a key support line.

According to Cointelegraph, a cryptocurrency-focused outlet, CryptoQuant said in a report on the 23rd (KST) that “Bitcoin holders have begun realizing net losses for the first time since 2023,” adding that “the on-chain profitability structure is showing patterns similar to an early bear market.” Indeed, over the past 30 days, net realized profit/loss is reported to have plunged to around 69,000 BTC in bitcoin terms.

Net realized profit/loss is an indicator that converts profits and losses finalized by investors through on-chain transactions into a bitcoin-denominated figure. A decline in this metric means loss-taking sales are increasing across the market.

Realized profits have also fallen from about 4.4 million BTC in October last year to roughly 2.5 million BTC recently, mirroring a pattern similar to early 2022. CryptoQuant assessed that “as the bull market enters its late stage, upside momentum is weakening.”

Crypto analyst Titan said recently on X (formerly Twitter) that “Bitcoin is flashing bear-market signals,” noting that “over the past two months, a bearish crossover has appeared on the monthly MACD (M(

ACD) indicator. In similar past cases, declines of 50–64% have occurred.”

In the market, the $80,000–$84,000 range is being viewed as the key near-term support area, as most recently purchased bitcoin was traded around that price band.