Strategy’s Michael Saylor hinted Bitcoin (BTC) bottomed at $60,000 as traders set the stage for a steady build-up. The crypto market gained momentum following the U.S.-Iran pause, spiking the top crypto by more than 7% this week. However, fears from prolonged sell-offs linger across several markets.
Bulls To Build on New Price Floor
Bitcoin bulls have shown positive sentiment this week, aiming to reclaim lost value amid macroeconomic and geopolitical headwinds. Pro-market enthusiast Saylor said the price likely bottomed, with a spike in sentiment driven by seller exhaustion.
This year, crypto assets faced heavy headwinds, crashing to multi-month lows. Bitcoin initially shed 35 before posting more losses after the price sank below the $70k mark. Selloffs were fueled by over-leveraged miners and weak institutional holders looking to avoid losses.
These holders largely acquired assets during the crypto corporate treasury frenzy, when big firms diversified their cash reserves. On their part, Bitcoin and other assets were necessary on the balance sheet as new widows for institutional investors opened.
However, drawbacks became dominant, leading weaker holders to lose positions and ushering in mass liquidations. Saylor believes a shift in momentum is taking shape, with rising spot ETF demand and whale accumulations.
 
Bitcoin price is above the $70k mark as Middle East tensions subside over the next two weeks. U.S. stocks are also rising, signaling a general uptick in investor confidence. While macro factors are aligning for Bitcoin, on-chain metrics, such as supply profit drops, point to looming fears.
Analyst Darkfrost wrote that almost 50% of BTC is held at a loss, a level at which bear markets have previously bottomed. He admitted that bull resilience is notable in line with wider market projections.
“More precisely, the share of Bitcoin supply still in profit is estimated at around ~59%, a level close to what was observed during the last bear market. This may seem counterintuitive to some, but the market actually needs investors in profit to sustain a positive momentum. Historically, the average sits closer to ~75% of supply in profit. We are therefore well below typical levels today.
Saylor also downplayed the risk of quantum computers to Bitcoin, adding that it can be well managed as technology advances. Recent debates over quantum computing have divided the crypto community following Google’s latest security report.
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