Every Time This Bitcoin Metric Crossed This Level, The Market Bottomed — It Just Happened Again
Summary
Bitcoin fell nearly 20% in the week of June 5, its worst weekly drop since the FTX collapse, but on-chain analyst Ali Martinez argues the move looks more like a macro accumulation phase than the start of a deeper breakdown. He says the drop to $59,000 flushed out leverage and created conditions typical of major market bottoms. Two signals support his view: long-term holders sold over $3.25 billion in spot BTC, and more than 10.46 million BTC moved into unrealized loss, a level that has previously aligned with cycle bottoms. Martinez also points to MVRV-based accumulation zones around $53,900 and $43,150, with moving averages at $62,800, $55,000, and $42,500 as key reference levels. Bitcoin has since rebounded to around $63,000.
