TL;DR:
- The Bitcoin PnL Index indicates that investor loss periods typically drag on for approximately 18 months after the onset of declines.
- The data platform CoinGlass identified that there are significant sell order blocks accumulated in the $74,200 and $74,500 price range.
- Crypto trader KillaXBT maintains an active short position after a structural breakdown below the $79,000 mark.
The price of Bitcoin shows signs of structural weakness across different timeframes, opening up debates about the duration of the current cycle. In this regard, CryptoQuant CEO Ki Young Ju stated that there is a possibility that the current macroeconomic environment, which has generated a bear territory, could prolong significantly for the pioneer crypto until 2027.
Once profit-taking cascades, Bitcoin investors' PnL typically falls for about 18 months.
Since the trend turned in Oct 2025, the bear market could last until early 2027.
The trend only changes when unrealized profits rise and realized profits fall. We're not there yet. pic.twitter.com/fQyIRLu8vv
— Ki Young Ju (@ki_young_ju) May 29, 2026
The PnL Index and the cycle’s time projection
The data analyzed by the executive suggests that the downward trend formally began in October 2025. CryptoQuant’s historical analysis indicates that once profit-taking cascades are triggered, investor losses tend to drag on for a year and a half. For this reason, mathematical patterns place the possible definitive market bottom in early 2027.
The 365-day moving average reading of the PnL Index backs this technical perspective. This technical chart draws sharp drops that mirror the peaks recorded in previous bull markets. An additional report from CryptoQuant adds that for a true trend reversal, a simultaneous condition is required: unrealized profits must rise while realized profits decrease, a signal that has not yet appeared on the blockchain.
Resistance and support levels under the institutional magnifying glass
Market liquidity shows critical zones where buyers and sellers concentrate their operations. According to the latest report from the CoinGlass platform, whale order books reveal strong resistance between $74,200 and $74,500.
“If buyers manage to absorb the accumulated supply above $74,500, the technical momentum could push the price toward an estimated range between $75,000 and $76,000,” CoinGlass analysts noted in their market report.
On the hedging side, CoinGlass’s technical analysis identified $73,200 and $72,300 as the most important immediate supports. At the time of writing, market data placed Bitcoin at $73,191, representing a 0.18% drop in the last 24 hours and an accumulated decline of 5.36% over the last seven days.
Structural changes and short-term strategies
Technical setups of retail and institutional traders reflect caution following the loss of key price levels. Crypto trader KillaXBT highlighted that the asset formally broke the $79,000 zone, a move that began to consistently generate lower highs and lower lows. The analyst added to his diagnosis that the May monthly candle points to a close in negative territory.
The specialist detailed that he maintains an active swing short position that was originally opened at $77,800. In order to mitigate operational risks, the trader executed a 50% profit-taking of that position in recent days.
For the short term, KillaXBT’s charts show that the $74,200 level represents the fundamental pivot for price action. A persistent inability to reclaim that zone could force Bitcoin to seek a retest of the May monthly low near $70,500, while a clean breakout to the upside would open the technical path toward the monthly open located at $76,300.
