Bitcoin Holders Trigger Largest Capitulation In Its History, Bearish Horizon For BTC?

Bitcoin follows a rangebound trajectory as the financial world trends to the downside. The first crypto by market cap is moving around critical areas of support as it was rejected from the low $40,000s.
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At the time of writing, BTC’s price trades at $38,500 with a 2% profit in the last 24 hours.
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview
The general sentiment in the crypto