Bitcoin Unrealized Losses Remain Low at 24%, Suggesting Market Hasn’t Capitulated Yet

Key Insights:

• Only 24% of Bitcoin supply is in unrealized loss, showing strong holder sentiment.
• Buyer momentum returned as taker volume flipped positive on April 11.
• Technical breakout above 2025 trendline confirmed after three failed attempts.

As of April 15, 2025, Bitcoin’s unrealized losses stayed low at 24%, indicating the market has not capitulated. Buyer activity increased despite recent volatility and a confirmed breakout above a key trendline gave traders renewed optimism.

Unrealized Losses Stay Low Despite Price Pullback

According to CryptoQuant, only 24% of Bitcoin’s circulating supply was held at an unrealized loss as of April 15, 2025. Historically, anything below 25% has been considered to be an early-stage correction, not a full market capitulation. In previous market bottoms, the percentage of supply in loss rose above 50% and was a sign of major sell-offs and panic.

Based on this 24% figure, it means that most of the Bitcoin holders are still in profit or close to breakeven. It also shows that many of the participants had built their positions long before the recent price rise.

Looking back , higher levels of unrealized losses typically precede major price bottoms and lower levels are seen during periods of consolidation or after temporary corrections. The current reading is in line with the view that Bitcoin is not in a deep capitulation phase.

Buyer Momentum Recovered as Taker Volume Flipped Positive

On the other hand, from March 16 to April 10, net taker volume was mostly negative, with several days under -$600 million. This indicated that sellers were more active and coincided with Bitcoin falling to around $79,000.

However, on April 11, this trend reversed. Cumulative net taker volume flipped positive for the first time in weeks, going above $0 and then rocketing to over $800 million by April 13. Meanwhile, Bitcoin’s price bounced back from below $80,000 and surpassed $85,000 as buyers return to the table.

Market participants’ aggressiveness is measured by the net taker volume. If the volume is positive, it usually means buyers are in control and will pay the ask price. This shift gave the price short-term support, and it held its ground even during the brief retracements.

The cumulative volume remained positive by April 15, and Bitcoin kept its level above $85,000. This reversal was consistent, and the sentiment had shifted, with bulls taking more risk in the derivatives market.

Binance Order Book Sell Wall Emerged Around $86K

CoinGlass data revealed a sell wall of over 3,000 BTC stacked between $85,700 and $86,000 on Binance. These large sell orders often form resistance zones, as liquidity pools attract selling activity and can stall bullish momentum.

Price action slowed as Bitcoin approached this range. The local high of the market was recorded at $85,555 before it pulled back slightly. This implied that sellers were starting to take in buying pressure at those upper levels.

Traders can use sell walls to indicate where they expect price reversals or strong resistance. If that buying pressure is not strong enough to take those orders, the price may consolidate or fall back for a while. But if the orders are filled and demand continues, a breakout above the wall may occur.

Technical Breakout Held Above 2025 Trendline

Earlier this month, Bitcoin confirmed a breakout above a descending trendline that had rejected upward moves in January, February, and March.

With this level now acting as support, the breakout has shifted the short-term structure to bullish. Holding above the trendline increases the chances of upward continuation, although macro risk factors may still influence direction.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only. And they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.