VanEck Sees Bitcoin Nearing Cycle Bottom Amid $62K Test

Bitcoin's price has been steadily declining over the past few months, falling roughly in half from its peak of around $125,000 to the current low-$60,000 range. According to VanEck, a financial and crypto news writer, this decline is nearing a cyclical bottom.

The firm uses its GEO framework, which tracks Global Liquidity, Ecosystem Leverage, and On-Chain Activity, to determine that Bitcoin's cycle is approaching exhaustion. The current indicators show signs of 'near-bottoming', with global liquidity and on-chain activity at neutral levels and ecosystem leverage being constructive.

However, the daily chart for Bitcoin does not confirm this view yet, as it has broken below two key support levels: the 50-day SMA around $63,450 and the 0.236 Fibonacci retracement near $63,000. The next level of support is around $62,250, which has contained several pullbacks during the recent consolidation.

VanEck's call may ultimately prove correct, but the daily chart suggests that Bitcoin is still searching for the level where its cyclical bottom will be confirmed.