This is a significant update on the bottoming formation for Bitcoin.

Bitcoins in a loss has now tagged the 10m+ level, which marked the macro low in 2022 and 2018.
This is over 50% of the supply now in a loss.
This level was created on the drop to $59k, which also marked the lowest daily RSI since the 2018 bottom...
And it did not manage to make a new confirmed low.
Does this rule out another move lower than $60k? Not entirely.
But almost every single piece of data we want to see forming for a true macro low, has now happened.
Another piece of data that validates the fact that we are in a mid cycle correction, that plays out faster and then recovers faster.
Waiting for more than 10m+ coins to be in a loss is not a smart decision imo.
We had the low set in Feb, then the sweep and reclaim, now the onchain big hitters are fully there.
The imminent expansion was invalidated moving back below $74,000, but the bottom has not been.