Market Under Pressure but Underlying Strength: Is Bitcoin in Early Bottoming Phase?
Bitcoin price has recently fallen below the $60,000 mark, with continued outflows from institutional funds, putting surface pressure on the market. However, on-chain data reveals a contrasting picture: long-term holders and various wallet cohorts are gradually accumulating coins, and the number of coins in loss exceeds those in profit, indicating a transfer of supply from short-term speculators to steadfast holders.
The options market shows a defensive posture, with implied volatility rebounding, suggesting the market is in an early bottoming stage. However, caution is warranted as the bottom has not been confirmed, and further downside risk remains. Whale movements and on-chain accumulation are the key metrics to watch.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.