K33: Bitcoin consolidation indicates that the market may bottom out as selling pressure eases

According to Theblock, VetleLunde, head of research at K33, pointed out that in recent weeks, Bitcoin prices have mainly fluctuated sideways between $60,000 and $75,000, indicating that the trading volume of exchange-traded products and the behavior of long-term holders have stabilized. He described this price movement as "usually correlated with market bottoms" and suggested that Bitcoin's price range in the early $70,000 could be attractive to medium-to long-term investors.<br /> According to Lunde, liquidity in Bitcoin ETFs has turned slightly positive since late February, suggesting that the sell-off that hit a record high in October may be coming to an end. He said that the previous outflow of funds was caused by profit-taking when the bitcoin price fell below the investor's cost price, thus forming a supply-demand feedback cycle. But as prices fell, the incentive to sell weakened and demand began to stabilize.