CryptoQuant analyst Darkfost said that the ratio of Bitcoin UTXOs spent in profit versus at a loss fell to its lowest point in the current bear market cycle, a level last seen in mid‑2023 when prices were around $26,000. The metric indicates a potential market bottom that historically precedes profitable periods for long‑term investors.

DurdenBTC said the signal fired for the first time since the start of the correction, noting that it has captured every cycle low since 2016 and will feel terrible for weeks, adding that buying at this point is uncomfortable. Darkfost added that long‑term holders are entering a capitulation phase, with the Spent Output Profit Ratio moving into negative territory, while the correction has been driven by increased inflows to exchanges from short‑term holders.

Swissblock reported that Bitcoin has likely moved beyond the initial breakdown and is in a base formation phase, with price stabilizing but momentum still negative and impulse returning to neutral. Uncertainty may increase after U.S. fighter jets struck ten Iranian military targets near the Strait of Hormuz in response to a drone attack on a commercial ship, according to Central Command. BTC fell to $59,800 early Sunday and recovered to about $60,100 later in the day.

The length of the current correction remains uncertain as analysts monitor whether the capitulation signals a sustained bottom or further decline.