Just checked the on-chain data and the picture doesn't look great for BTC right now. Price is hovering around $66.8K (down 1.85% in 24h), but what's more concerning is how underwater most short-term holders are sitting. Out of 5.7M BTC held by STHs, only 8% are actually in profit while the other 92% are in the red. That's like a Venice situation where everything's submerged and you're just waiting for the pressure to break.

The realized price levels are telling a story too. Strategy's 762K BTC has an average around $75.6K, which lines up with where we've been seeing resistance lately. Below that, the broader realized price near $54K is historically where the market has tested during bear phases. So we're kind of sandwiched between these levels right now, and with so many STHs losing money, there's definitely sell pressure brewing. Market feels pretty fragile at this point.