Bitcoin consolidation points to potential market bottom as selling pressure wanes, K33 says
K33 research indicates Bitcoin's price consolidation and easing selling pressure suggest a potential market bottom around $70,000.Summary
K33's recent report highlights Bitcoin's (BTC) prolonged consolidation between $60,000 and $75,000 as a possible sign of a market bottom. This assessment is based on stabilizing exchange-traded product flows and the behavior of long-term holders. ETF flows have become mildly positive since late February, indicating a potential end to the distribution phase seen since October's highs. Furthermore, supply held by long-term holders (over six months) is increasing again, suggesting reduced willingness to sell as prices decline. Despite ongoing macroeconomic uncertainties, including geopolitical tensions and a cautious Federal Reserve, K33 views the current environment as constructive, suggesting a transition from distribution to a potential bottoming process.
(Source：The Block)