Bitcoin (BTC), the digital currency, is likely to fall below $60,000. “extremely slim,” According to the data, BTC holders who have held BTC for a long time increased their BTC holdings up to 71.6%. A key technical indicator also turned bullish, the first since February.
Analyst: BTC may not reach new lows
Crypto analyst Sykodelic said Bitcoin’s potential to reach new lows is a possibility. “become extremely slim” The relative strength index (RS), which measures the value of the index on a weekly basis, retested its 50-level. Historically speaking, Bitcoin’s long-term expansion phase has begun after the RSI cleared that threshold in response to an oversold situation.
BTC/USD one-week graph and RSI chart. Source: Skykodelic/X
This latest action came 105-days after Bitcoin’s RSI weekly entered oversold for the first time in history. Skykodelic pointed out that 2022 was the only exception where Bitcoin formed new lows due to the FTX collapse and forced a global market drawdown. During that time, the RSI did not retest 50 in the attempt to recover.
BTC’s long-term investors (LTHs), too, are leaning the same way. CryptoZeno is a cryptocurrency analyst said Bitcoin’s one year plus holder metric is back to its historical average “oversold” The accumulation zone is the area that precedes major upswing cycles of 2013, 2016, 2019, and late 2022.
BTC holders with a long-term (1+ year). Source:
CryptoZeno had said that LTH distribution usually accelerates at market highs. Current readings indicate a steadier accumulation of BTC and an increasingly limited supply.
Onchain’s data is in line with this trend. For the first time in 2025 and since Oct. 1st, the long-term Bitcoin stock has returned above 15 04 million BTC. That is 71.6% more than the current circulating Bitcoin supply.
BTC long-term holder flow. Source: CryptoQuant
Related: Key Bitcoin price metric used by bulls falls to 6-week low, with silver lining
BTC Miners Are Cautious During Bottom Formation
Crypto analyst Pelin Ay said BTC miners’ activity is still cautious despite LTH holders data being strong. Binance’s pool miner reserve dropped from 41,987 to 41,915 in May. This indicates a constant supply of Binance. Ay spoke about the importance of data on Binance’s pool miner reserves.
“Since Binance Pool represents a major share of the global hash rate, its behavior often reflects overall miner psychology before the broader market reacts. Falling reserves usually indicate that operational selling pressure is still continuing.”
BTC Puell Multiple and Binance Pool miner reserve. Source: CryptoQuant
The MPI readings are below historic panic-selling levels while the Puell Multiple remains under 1. This indicates continued revenue pressure in mining operations. Analysts described this behavior as “a “wait phase” Often seen at the bottom of formations.
Related: Bitcoin due ‘5%+’ move as analysis stays bullish on BTC price outlook
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
