Bitcoin Dips Below $60k, Analysts Say Market May Be Near Bottom

Bitcoin's recent dip below $60,000 has sent shockwaves through the crypto market, raising concerns of a prolonged bear market. However, some analysts suggest that this may be an opportunity to buy, as signs of a bottom emerging in the midst of its downtrend.

Glassnode's weekly report notes that Bitcoin is currently trading below the Real Market Average Price (RPP) of $77,000, but the influx of new investors has lowered the cost basis for short-term holders to $71,400. The average daily loss has also increased to $205 million.

Analysts point out that Bitcoin faces resistance in the $66,800 to $70,700 range, but some buying pressure is being observed on Coinbase. Additionally, Glassnode notes that the recent decline was driven by the spot market, followed by the derivatives market, which triggered a large amount of long position liquidations.

Plan B, a renowned cryptocurrency analyst, also weighed in on Bitcoin's bottom. According to Plan B, Bitcoin may reach its true bottom after falling below $53,000, similar to previous bear markets.