Bitcoin (BTC) is making a possible bottom near $60,000 as buyers return, however chain calculations and gains confirm the market is stuck in bearish territory.
The recovery from the early June lows has eased the pressure on consumers recently without ending it. Several indicators now point to stability instead of bottom confirmation.
BTC trades at around $64,171, down 1% in the past 24 hours, with a market capitalization of around $1.29 trillion.
Incurred Losses Still Dominate Bitcoin Movement
The Realized Profit/Loss Ratio measures the dollar value of investments that are making a profit versus those that are making a loss. Reading below 1 shows that lost consciousness is the power that exists.
The 30-day average is at 0.53, while the 90-day is at 1.10. This distribution confirms that losses have outweighed gains in the past month.
The calculations tell the same story. Glassnode puts the True Market Mean at $77,200, about 15% above average, so on the chain the process remains stable. Short-Term Holder MVRV has recovered to 0.90 but remains below the 1.0 breakeven line.
A sustained move in both levels to 2 would be the first sign that the bias is turning.
Spot Order Books Make Bitcoin Floor Near $60K
The trend of the data leans bearish, however the water level has shifted in the opposite direction. That distinction is where the design thesis begins.
Binance Spot Orderbook Depth Imbalance has moved decisively in favor of bids. Buy-side liquidity is now outpacing sell-side orders by the largest margin in recent months.
This suggests that traders have the opportunity to find products at lower prices rather than selling at conferences. A bearish trend near the $60,000 area seems to be protecting it for now help.
The open interest rate also lowered its interest rate towards the end of May, as funds eased into politics. The deleveraging points to more patient buyers rather than crowdfunding.
Macro Index Flags Rare Deep Value of Bitcoin
Long-term measurement increases the weight of the standard issue. The Capriole Macro Index Oscillator reads -2.03, one of the deepest readings in its history.
Expert Charles Edwards documents previous visits to this depth were temporary. They lasted about four months at the end of 2018 and two months in the middle of 2022. Both periods led to a significant recovery.
“In the last 10 years Bitcoin has only spent 6 months at these high prices (5% of the time). That should be a huge long-term opportunity… If you believe this is going to end, you probably like Bitcoin right now.”
It balances the call with two caveats not found in the previous lines. Edwards points to digital-asset-treasury risks and emerging risks as open questions. That tension makes deep reading more encouraging than affirming on the ground.
Bitcoin Floor: Prices Rise in the $64K to $66K Zone
Price action is neutral on the daily chart. Bitcoin broke down from a similar uptrend and reached the $59,000 to $60,000 target quickly.
That drop had a large increase in volume and a very stable reading, confirming a burst rather than a slow bleed. The bounce since then has lifted the price to the $64,000 to $66,000 pivot.
This zone is optional rate for another move. A pullback opens the way to the bottom of the channel near $74,000 to $76,000 resistance.
A resistance here would lock Bitcoin between $60,000 and $65,000. $59,000 to $60,000 down is the support that should be there, while $74,000 to $76,000 covers any recovery work.
Whether the patient’s order can overcome the weak profit is the question that decides the next leg.
A note Bitcoin Builds Bottom Near $60,000, But On-Chain Data Says Bear Is Not Over appeared for the first time BeInCrypto.
