Bitcoin trades around $60,000 as analysts remain divided on whether a durable market bottom has formed.
Notable Statistics:
- Coinglass data shows 90,825 traders were liquidated in the past 24 hours for $484.09 million.
- SoSoValue data shows net outflows of $696.3 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net outflows of $81.9 million.
- In the past 24 hours, top gainers include Jito, SKYAI and Aave.
Notable Developments:
Trader Notes:
Scott Melker noted Bitcoin is at a critical technical juncture. If BTC closes the day at current levels or higher, it would confirm a strong bullish RSI divergence on the daily chart after reaching oversold conditions.
The analyst said Bitcoin has already printed a bullish divergence on the weekly RSI, only the second such occurrence ever.
Walter Bloomberg explained Bitcoin may not have reached its cycle low yet. Despite more than $1.3 trillion being wiped from the market, many expect the final bottom to form in the $50,000–$53,000 range, with the bear market potentially extending into September.
He predicts that the strongest buying opportunities typically emerge after forced selling and panic-driven liquidations subside, rather than during the height of market fear.
Ted Pillows argues Bitcoin has not yet seen the type of capitulation that marked previous cycle bottoms. The analyst notes BTC fell 87% in 2015, 84% in 2018 and 78% in 2022, suggesting the current expectation of a bottom after only a roughly 50% decline may be premature.
Based on those historical drawdowns, Ted expects Bitcoin to decline at least 60%–65% from its cycle peak before establishing a final market bottom.
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