According to MarsBit, Bitcoin has moved down to the area near $60,000 after the geopolitical risk premium faded. The report describes the asset as still trading in a bear-market range, with its price standing at a 15% discount to the true market average.
The report highlights several factors behind the view that Bitcoin is entering a bottom-building phase. Spot liquidity has improved, passive buying has strengthened, and ETF holders have shown patience. In this context, improved spot liquidity points to better market depth, while stronger passive buying indicates that some capital is absorbing supply during the pullback rather than reacting only to short-term price moves.
MarsBit also noted that multiple on-chain and off-chain indicators show a transition in market conditions. Instead of a market dominated by selling pressure, the data cited in the report points to a more stable bottoming process. The main change described is not a rapid rebound, but a slowdown in sell pressure, stronger capital absorption, and a more stable structure forming around the $60,000 level.