According to MarsBit, Bitcoin has fallen back to around $60,000 after the geopolitical risk premium faded. The asset is still described as being in a bear-market range, with its price trading at a 15% discount to the true market mean. This reflects the continuing pressure that followed the retreat of the earlier geopolitical premium.
Spot liquidity and passive bids improve
The report notes that, despite the discount, spot liquidity has improved and passive buying has strengthened. Better spot liquidity indicates that trading conditions have become more stable than before, while stronger passive bids show that capital is still entering the market in a more patient manner during the pullback.
ETF holders are also showing patience. Taken together with multiple on-chain and off-chain indicators, the market is shifting from a phase dominated by selling pressure toward a steadier base-building stage. MarsBit frames the current setup as “Bitcoin base-building in progress,” with the key signals centered on easing sell pressure, improved capital absorption and steadier holder behavior.