Bitcoin's net profit and loss has been negative US$48,000 to US$56,000 for five consecutive months, forming the core support range

CryptoQuant analyst Axel Adler Jr. released a report stating that Bitcoin has achieved a net profit or loss (90th MA) that has been negative for the fifth consecutive month, and the current reading is-203.2 million US dollars. This means that the market is systematically locking in losses, consistent with the early stages of previous bear market cycles. But the cost base of the holder group shows core support in the $48,000 -56,000 range. Judging from the cost basis of each group, the giant whale (more than 10,000 pieces) is US$48,100, the small address (10-100 pieces) is US$47,800, and the large wallet (1,000-10,000 pieces) is US$56,500, which are still lower than the current price. Only the 100-1,000 pieces group (US$65,700) is at a loss, which is the main source of current loss selling. Adler pointed out that this contrasts with full surrender in 2022-when almost all groups fell below the cost base. The current market is in a controllable decline rather than surrender pattern. The main risk is to break below the support range of US$48,000 -56,000. If this range falls, more holders will be pushed into losses and open up deeper room for decline.