Yeliz Akmaca 
Bitcoin (BTC) remains stuck below the $108,000 resistance, failing to break the two-week downward trend. Profitable supply and RPL indicators highlight growing investor caution and panic-like sell-offs.
Bitcoin’s Profitable Supply and RPL Decline
Profitable BTC supply dropped from 98% to 78% over the past two weeks, indicating that most investors are at a loss or break-even and selling in panic.
The Realized Profit/Loss (RPL) ratio also fell from 1.2 to 0.7, reflecting more investors selling at a loss and a capitulation-like environment emerging in the market.
Panic Selling Accelerates
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Buyers remain cautious
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Market sentiment fragile
Low RPL suggests participants are exiting quickly rather than strategically taking profits. Combined with macro conditions (tight liquidity, risk-off sentiment), the market faces pressure.
Resistance and Support Levels
BTC lost its critical 4-hour support at $109,200 and pulled back to $107,300. If this level fails, a decline toward $105,000 is possible. Conversely, if the market reacts upward, intermediate resistance stands at $111,700 and major resistance at $116,000.
At the time of writing, BTC trades around $108,400.
Our analyst emphasizes that investors should closely monitor these critical levels. Stay updated with our latest Bitcoin analyses to track price movements.
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