Bitcoin Enters Historical ‘Stress Zone’, Reports CryptoQuant

Bitcoin's aSOPR falls to 0.92-0.94, signaling potential bearish trend shift.

aSOPR of digital gold has fallen to the 0.92-0.94 range. Historically, this level has indicated critical selling pressure and a shift to a bearish trend, stated CryptoQuant analyst known as Woominkyu.

Back to Bear Market Territory

“Bitcoin Adjusted SOPR (aSOPR) has dropped back toward the 0.92–0.94 zone — a level that historically marked major bear market stress points.” – By @Woo_Minkyu pic.twitter.com/xWx3qeCJYD

— CryptoQuant.com (@cryptoquant_com) February 16, 2026

The expert highlighted the similarity of the current situation with the deep corrections of 2019 and 2023. During those periods, widespread loss realization led to investor capitulation and a subsequent market “reset.”

An indicator value below 1 suggests coins are being sold at a loss. Woominkyu emphasized the difference between the current situation and typical mid-cycle pullbacks:

“Unlike short-term dips, where aSOPR quickly returns to 1, we now see sustained weakness and ongoing loss realization.”

According to the analyst, if the indicator does not recover above parity soon, the likelihood of transitioning to a full-fledged bear phase will significantly increase. The current market structure resembles a global trend change more than a local correction.

The specialist noted that the market has already entered the “stress zone,” but has not yet reached the stage of final capitulation. To form a “true bottom,” a peak in loss realization and complete exhaustion of selling pressure are necessary.

Risk of Cascading Liquidations

Bitcoin is approaching the key $60,000 mark. Breaching this level could trigger a surge in volatility and forced sales in options and lending markets.

BITCOIN’S $60K LEVEL SEEN AS LIQUIDATION TRIGGER

Bitcoin faces a key test at $60,000, with options and loans suggesting a breach could spark forced selling and sharp volatility.

Deribit data shows the largest cluster of put options pays off below $60K, near the 200-week moving… pic.twitter.com/aoYNFHAvlJ

— *Walter Bloomberg (@DeItaone) February 13, 2026

According to Deribit, the largest cluster of put options with an open interest of $1.24 billion will become profitable if prices fall below $60,000.

Nearby lies a crucial technical support — the 200-week moving average at $58,000. A price drop into this zone will trigger automatic liquidation of bitcoin-backed loans and a chain reaction of deleveraging.

Staying below $60,000 opens the path to the $50,000 mark, where the next significant volume of puts is concentrated.

Market sentiment remains bearish. A drop below the $58,000-60,000 range could deepen the correction by another 20%, while local rebounds appear weak.

Earlier, on February 14, analyst Ash Crypto highlighted the formation of a reversal bullish pattern “Adam and Eve.”