According to MarsBit, Bitcoin has moved down toward the $60,000 area after the geopolitical risk premium faded. The asset is still described as being in a bear-market range, trading at a 15% discount to its true market mean. That discount indicates Bitcoin has not yet fully exited its depressed valuation zone, but the current market picture is no longer defined only by selling pressure.
The report notes that spot liquidity is improving while passive buying is becoming stronger. At the same time, ETF holders are showing patience rather than being described as exiting in a concentrated manner. These changes in spot-market conditions and passive capital flows provide a clearer basis for observing whether Bitcoin can form a more stable trading foundation around current levels.
Multiple on-chain and off-chain indicators show that the market is shifting from a phase dominated by sell pressure toward a stable bottom-building stage. The removal of the geopolitical premium, Bitcoin’s repricing near $60,000, improving spot liquidity, stronger passive bids and the patience of ETF holders together form the core of the current bottoming narrative described in the report.