Bitcoin Nears Potential Bottom as Market Recovers
As the cryptocurrency market recovers from last week's correction, analysis suggests Bitcoin may be nearing the bottom of its current trading range. The recent 17.5% pullback from Bitcoin's all-time high hints at a potential local bottom, as corrections typically cap at 20-24%. Experts remain optimistic despite negative outflows from the Grayscale Bitcoin Trust (GBTC). Analysis indicates a possible floor for Bitcoin around $56,000, aligning with short-term holder realized prices and ETF investor cost bases. While Bitcoin grapples with volatility, the altcoin market has shown resilience, with the Total3 index hitting a new cycle high, signaling growing investment flows into altcoins.