Bitcoin Stress Still at 71.5 as Price Sits on $60K-$70K Knife Edge

Bitcoin UTXO Stress remains in the high zone

Bitcoin's headline stress number is already concerning. The setup behind it is less reassuring.

The Profit/Loss Stress Score is 71.58, which puts Bitcoin back in the 70-90 high-stress band. As the source frames it, the market is still dominated by a supply base where a significant share is underwater, even if the reading is not yet near the extreme end of the scale.

The more important detail is the recent turn. The same analysis says the indicator's weekly momentum has only started to rise after holding negative for much of the past month. In other words, stress was still easing, but not clearly improving. If the score slips back below 70 and momentum turns negative again, the pressure story weakens. If it keeps moving toward 90+, the pressure is getting worse.

Percent Unrealized Loss improved, but pressure has not disappeared

The metric has improved

Bitcoin's Percent Unrealized Loss is 35.2%, down from 42.2% in late June. That move below the 40% deep-stress threshold means less of the supply base is sitting underwater than just weeks ago, so some of the heaviest overhead pressure has eased.

That still does not make the setup clean. At 35.2%, roughly one-third of tracked Bitcoin supply is still held below cost, which means many investors remain under water.

Why the same data can be read two ways

The main disagreement is timing. Historically, the first move above 40% did not immediately mark a bottom; Bitcoin often went through volatile consolidation afterward. Bulls can argue that leaves room for further improvement from here. Bears can argue that lower stress alone is only useful if it stops acting as a refuge for sellers.

That fragility is worth watching. The metric fell to 30.4% around July 21 before rebounding to 35.2%, which suggests the recovery has not been smooth.

Price remains trapped between $60,000 and $70,000

Bitcoin is still trapped between $60,000 and $70,000. That is a zone where weaker holders can be filtered out and longer-term buyers begin testing for accumulation, but it is not enough on its own to confirm a trend reversal.

Negative stablecoin flows weaken the backdrop

The reason to watch this range now is that marginal demand looks less supportive. Stablecoin flows flipping negative points to thinner fresh liquidity, which matters because there is less easy buying power available to absorb supply at the margin. Bulls can call that normal digestion inside a historically sensitive support area. Bears will say a tightening liquidity backdrop makes a range break more likely.

What would confirm support

If the range fails, history offers two paths: a local bottom after a sharp shakeout, or a deeper capitulation phase before accumulation really gets going. For now, the cleaner watchpoint is demand. Support becomes more credible if stablecoin flows turn positive again, fresh demand firms up, or price holds the lower end of the range without further deterioration in the backdrop.