Bitcoin Cycle Bottom Remains Elusive as BTC Holds Above $58,433

Bitcoin's cycle bottom still hasn't arrived according to Keyrock, a crypto market maker. The firm says that BTC remains above the key level that marked deeper past bear markets, which is $58,433.00.

The Bitcoin cycle bottom markers aren't yet complete as Bitcoin price sits at around 12% above the average realized price of Bitcoin, or aggregate cost basis of all coins in circulation, which is $53,400. Keyrock believes that selling pressure is noticeable on the network, with losses being realized at a 90-day average of $205 million per day.

However, this selling pressure is mainly coming from short-term holders, who have become the most vulnerable cohort since more than 95% of them have been underwater since the beginning of June. Keyrock views the ongoing development as 'a shakeout of recent buyers rather than a capitulation of the market.'