Bitcoin may present a tactical buying opportunity as it tests the lower boundary of a descending channel in the aSOPR (Adjusted Spent Output Profit Ratio) indicator, according to CryptoQuant analyst MorenoDV. Despite Bitcoin's price surge from $40,000 to over $100,000 since early 2024, the aSOPR has shown a pattern of lower highs and lows, suggesting weakening investor conviction. MorenoDV highlights that approximately one-third of Bitcoin's total supply is currently in a loss-making position, a condition historically preceding short-term rebounds. However, the market is at a critical juncture; if the current support level fails and bearish momentum is confirmed, Bitcoin could enter a capitulation phase.