Bitcoin’s latest surge to $66,000 has fueled speculation about the cryptocurrency’s market bottom. Analysts believe a potential rise to $75,000 could confirm the bottom has been reached. Conversely, a drop below $58,000 may suggest otherwise.
Concurrently, on-chain data indicates that 88.8% of Bitcoin supply is still profitable. This reflects a cooling in market sentiment, similar to conditions observed in February 2024 when Bitcoin traded at $44,000. Experts advise caution when interpreting the MVRV Ratio, highlighting the need to consider price action and market conditions for a comprehensive analysis.
