Bitcoin: Intense Capitulation as 8M BTC at Loss

Bitcoin and Ethereum are enduring intense capitulation, with 8M BTC and the bulk of ETH supply sitting at loss according to on-chain metrics from the past year of historical crypto market capitulation events. BTC trades at $61163.25 inside Bollinger Bands on the 4h chart, testing upper resistance near $64271.51 while the EMA50 at $64049.58 and EMA200 at $71340.18 define clear bearish structure above price. Momentum shows RSI(14) at 39.83 in neutral territory and MACD at -554.18 confirming the death cross, pointing to further downside toward the lower band support at $60591.98 before any relief. This setup echoes recent supply at loss dynamics that preceded sharp moves, with traders now watching whether BTC price prediction models adjust lower amid the pressure.