Bitcoin Bottoming Process Begins Amid Macro Headwinds
According to Coinbase analysts led by Colin Basco, Bitcoin is transitioning from a corrective phase toward accumulation. The supply in loss metric for BTC has reached 50%, which is a level seen at previous market cycle bottoms.
In June 2026, Bitcoin printed a yearly low of $57.8K but has since recovered by nearly 10% to the current price of around $64K. However, it has failed to reclaim levels above $68K or $70K.
The macro backdrop remains hawkish, with concerns over Fed rate hikes and renewed US-Iran tensions posing bearish catalysts for Bitcoin in Q3 2026.