Bitcoin has been trading within a descending channel since reaching a peak of $126,000 in October 2025. Recent data indicates that Bitcoin whales have realized significant losses, amounting to $337 million per day in the first quarter of 2026. This marks the highest daily loss rate since the 2022 bear market, highlighting an aggressive distribution cycle. According to Checkonchain, 45.8% of Bitcoin's total supply is currently at a loss, with only 54.12% in profit. Long-term holders have contributed approximately $200 million in daily losses, with the market showing signs of capitulation. Despite these losses, Bitcoin's market remains in a state of indecision, with volatility indicators suggesting a slight bearish trend. If current conditions persist, Bitcoin could continue to trade sideways between $70,000 and $65,000, or potentially fall to $62,500 if loss realization accelerates.