Bear Market Signals Flash as Bitcoin Dips to $60K
Bitcoin touched $59,930 on Friday, its lowest price since October 2024, according to data from CoinMarketCap. The cryptocurrency's 32% decline from recent highs may mark the midpoint of an ongoing bear market, says Kaiko Research.
Historical patterns indicate that this stage lasts approximately 12 months before accumulation resumes, Kaiko stated in a note. On-chain indicators are flashing bear market signals across multiple metrics.
Aggregate spot trading volume on the 10 largest centralized exchanges declined 30%, falling from roughly $1 trillion in October 2025 to $700 billion in November. Combined futures open interest for Bitcoin and Ethereum dropped from $29 billion to $25 billion over the past week, reflecting deleveraging as traders unwind positions amid heightened volatility.
Shawn Young, chief analyst at MEXC Research, noted that oversold conditions are appearing on multiple timeframes, making a potential rebound timing uncertain rather than unlikely. The $60,000 level approximately matches Bitcoin's 200-week moving average, a metric that historically provided long-term support.