[Bitcoin UTXO Data Indicates Capitulation Selling, BTC Price Once Dropped to $59,800]
According to a report by Cointelegraph, CryptoQuant analyst Darkfost stated that Bitcoin's UTXO profit and loss spent output ratio has fallen to the lowest level of this cycle, reflecting the onset of capitulation selling. The last time this indicator dropped to such a low level was mid-2023, when BTC's price fell to around $26,000. Analyst DurdenBTC noted that this bottom signal has captured every cycle low since 2016. Swissblock indicated that Bitcoin is in a bottom-building phase. Market uncertainty has risen due to U.S. military strikes on Iranian targets over the weekend. BTC's price briefly dropped to $59,800 early Sunday morning but has since recovered to the $60,100 level at the time of writing.
