Bitcoin Support at $58,000 Meets Massive USDT Liquidity

Bitcoin hit $57,950 on July 1, 2026, marking its lowest level in 21 months. This price is seen as an incomplete bottom by analysts, who note that the 50% decline from the October 2025 peak remains shallow compared to prior cycle lows of 77% to 85%. Every previous cycle bottom occurred at a price below the realized price.

The price floor is low, and experts warn that a move below the $53,000 to $54,000 range would exhaust forced selling. The 200-week moving average, which acts as a long-term trend line and has historically signaled cycle bottoms, sits in the $62,000 to $63,000 range but recently fell below it.

Tether minted $3 billion USDT in September, injecting massive liquidity into the market. Tether maintains $181,223,149,214 in total reserves, including $112,417,034,272 in US Treasury bills, which accounts for 80.33% of the total.