The price of bitcoin (BTC), which retreated from its all-time high of $126,200 to $82,000, could be approaching its final stage of capitulation.
The Swissblock firm assures that the digital asset “has taken its first real step towards forming a fund.” This, driven by an abrupt drop in the metric Risk-Off Signal. That indicator measures the level of risk aversion in the bitcoin market.
The Swissblock chart shows how red zones—periods of high risk and selling pressure—recently gave way to an accelerated pullback of the indicator. In previous episodes, this behavior preceded the formation of a background, reflected in the blue zone.
The firm maintains that a weaker second wave of sales, with the price defending lows, usually signals “selling exhaustion.” and a gradual shift of control to buyers.
“The worst of the capitulation may probably be behind us, for now,” that firm says.
Analyst JA Maartunn matches in this diagnosis. It notes that short-term holders sent 62,400 BTC to exchanges at a loss. This, at a time when exchange-traded funds (ETFs) They accumulated a decline of 4.66 billion dollars from their maximum.
Maartunn highlights that sellers “are losing strength” and that the flow of stablecoins to exchanges—$4.55 billion in 24 hours—suggests preparation of demand among these investors.
Specialists consulted by CriptoNoticias, such as Carmelo Alemán, consider that this correction does not correspond to a prolonged bearish cycle, but to a movement forced by liquidity and derivatives. In this context, the exhaustion of selling pressure could become the clearest sign of market stabilization.