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The Realized Profit/Loss Ratio is around 0.75, above the historical 0.5 exhaustion zone. After 7+ months of bearish conditions and major sell-offs in January and May, sellers have clearly taken control, but the reset still looks shallower than previous cycle bottoms.
The key level for me is 2.
Until the Realized P/L Ratio recovers above 2, I’m treating strong $BTC
Another leg down is possible, but so is a long period of sideways seller exhaustion.
I’m watching for deeper capitulation + improving realized profitability + price structure recovery before calling the bottom.
Is BTC building its cycle bottom now, or is one final flush still ahead?
#BTC #Bitcoin