$BTC On-Chain Warning Signals (Feb 2026):
🧭 MARKET STRUCTURE TURNING WEAK
Realized Profit/Loss Ratio has dropped into 1–2 zone → typical of early bear transitions
Profit-taking slowing → capital rotation weakening
Needs to move above 2 again to confirm healthy bull momentum
📉 NETWORK PARTICIPATION FALLING
New addresses ↓ 47%
Active addresses ↓ 42%
Indicates fading retail inflow and lower organic demand
Market currently sustained mainly by existing holders
🪨 KEY PRICE LEVELS
$66,550 → critical short-term support
Break → likely move to $60k → $52–54k zone
$54,920 Realized Price → long-term bear confirmation if lost
🚀 BULLISH INVALIDATION LEVELS
Reclaim $71,693 + 20-day EMA
Strong trend recovery only above $80k
⚖️ INTERPRETATION: Death Cross or Breather?
Address drop alone ≠ guaranteed bear market
But combined with weak capital rotation → late-cycle fatigue signal
Current State: structural slowdown, not confirmed bear yet
✅ SHORT TAKEAWAY:
On-chain data shows weakening demand and participation in Bitcoin. If $66.5k fails, deeper correction risk rises. Bull trend survives only if BTC reclaims $71–80k range.
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