What The Bitcoin Price Is Doing Now After Bouncing From $59,000
Bitcoin’s bounce from about $59,000 may not mark a true bottom yet. One view says retail investors have been buying every dip while larger holders and institutions keep selling rallies, a pattern that suggests supply is still being distributed rather than capitulating. From this perspective, major bottoms usually form only after retail gives up, and that has not happened because retail conviction remains high. Bitcoin ETF outflows have added pressure, with heavy redemptions over the past month. A different view says Bitcoin is nearing a market bottom. Technical and on-chain signals are said to show an accumulation phase starting after leverage was flushed out and long-term holders sold over $3.25 billion in BTC. More than 10.46 million BTC are currently held at a loss, a level that has often aligned with macro bottoms. Support zones based on MVRV bands point to a possible bottom range between about $53,900 and $43,150. Bitcoin is currently around $63,200.
