Bitcoin may have already reached the bottom of the bear market, and the $60,000 level is getting harder and harder to break through
Lately I’ve been starting to think that around $60,000 could be the most important bottom area for this Bitcoin bear market.
Over the past few months, there have actually already been a lot of negative developments. Continuous ETF outflows, Strategy selling coins, large-scale liquidations across the market, the Federal Reserve adopting a more hawkish stance, and on top of that, the situation in the Middle East has been fluctuating. Even so, Bitcoin in June even dipped to around $59.1K at one point.
But interestingly, every time it gets killed down to around $60,000, someone quickly comes in to buy it back.
Now BTC is back around $63,000, and it has already spent about five straight weeks largely stuck in the $62,000–$66,000 range. Even with recent ETF flows weakening and geopolitical risks heating up, the price still hasn’t continued to sell off further.
These days, I’m actually paying more attention to this kind of situation: “there’s lots of bad news, but the price just won’t drop.”
A bottom usually doesn’t appear only after every piece of news turns good. If later $60,000 can keep holding, I think this area may already be one of the better places to gradually set up positions during this bear market.
$BTC $NVDAB $SNDK
Lately I’ve been starting to think that around $60,000 could be the most important bottom area for this Bitcoin bear market.
Over the past few months, there have actually already been a lot of negative developments. Continuous ETF outflows, Strategy selling coins, large-scale liquidations across the market, the Federal Reserve adopting a more hawkish stance, and on top of that, the situation in the Middle East has been fluctuating. Even so, Bitcoin in June even dipped to around $59.1K at one point.
But interestingly, every time it gets killed down to around $60,000, someone quickly comes in to buy it back.
Now BTC is back around $63,000, and it has already spent about five straight weeks largely stuck in the $62,000–$66,000 range. Even with recent ETF flows weakening and geopolitical risks heating up, the price still hasn’t continued to sell off further.
These days, I’m actually paying more attention to this kind of situation: “there’s lots of bad news, but the price just won’t drop.”
A bottom usually doesn’t appear only after every piece of news turns good. If later $60,000 can keep holding, I think this area may already be one of the better places to gradually set up positions during this bear market.
$BTC $NVDAB $SNDK