The number of spent UTXOs at a loss has reached peak levels, signaling the start of a capitulation phase for holders of the first cryptocurrency. Analyst Darkfost highlighted this observation.

Source: Darkfost/X.

This signal has been triggered for the first time since the correction began in October 2025. The expert noted that such periods "have always been profitable for long-term investors" as they begin to accumulate the asset.

Simultaneously, analyst Lukasz Wydra pointed out the confirmation of a "bullish divergence" for Bitcoin on the RSI chart.

Bitcoin (bitcoin:native) Update 📊

The bullish RSI divergence on the Bitcoin chart has now been officially confirmed. It may still deepen, but at the same time we can clearly see that Binance continues to defend the price.

That's an encouraging sign. Even more importantly, the… pic.twitter.com/VQrI70Q6tZ

— Lukasz Wydra (@lukasz_wydra) June 26, 2026

He emphasized that the decline has slowed at the $59,000 mark, as the anticipated panic among investors has not yet begun.

At the same time, technical analyst Niels expects a deeper bottom for digital gold. He considers the key level to be around $55,000—after reaching this point, the coin may change direction.

— Niels (@Web3Niels) June 27, 2026

How is a Bottom Formed?

Swissblock outlined three phases of bottom formation:

  1. Breakdown. The momentum sharply turns negative as selling pressure intensifies.
  2. Base Formation. The price stabilizes, momentum remains weak, while Bitcoin's dynamics become neutral. Selling pressure is still being absorbed.
  3. Recovery. Initially, Bitcoin's momentum turns positive, followed by a price recovery. Only then does a sustainable upward trend begin to form.
Source: Swissblock/X.

Experts believe that the first cryptocurrency has likely already passed the first phase. The market is currently in the base formation stage.

Recall that in June, analysts warned of weak buying demand for Bitcoin.