Melker: $60,000 May Be Bitcoin's Bottom

Scott Melker thinks Bitcoin may have found its bottom around $60,000. He points to technical and market-structure signals that resemble conditions seen near previous cycle lows. These include BTC's weekly relative strength index being deeply oversold, a bullish divergence, and the cryptocurrency recovering above its 200-week moving average.

Additionally, Bitcoin bounced off its 50-month moving average, which has historically aligned with major accumulation zones. However, Melker cautions that key resistance levels have not been reclaimed and BTC could still revisit the lower end of its range.

Melker also notes that several entities previously expected to support Bitcoin prices have instead become sellers. Digital asset treasury companies have liquidated holdings or abandoned accumulation strategies after their stock premiums collapsed. Strategy, led by Michael Saylor, sold Bitcoin and shifted its focus toward increasing cash reserves and managing preferred-stock obligations.