Bitcoin (BTC) is forming a potential floor near $60,000 as spot buyers return, however on-chain valuation and profitability data confirm that the market remains firmly in bear territory.
The recovery from the early June low has eased the pressure on new buyers without solving the problem. Many indicators are now pointing towards stability rather than a confirmed bottom.
BTC is trading at around $64,171, down 1% over the past 24 hours, with a market cap approaching $1.29 trillion.
Realized losses still dominate Bitcoin flows
The realized profit/loss ratio measures the dollar value of currencies that move in profit versus those that move at a loss. Readings under 1 show that loss making is the dominant force.
The 30-day average remains at 0.53, while the 90-day average remains at 1.10. This division confirms that loss-taking exceeded profit-taking during most of the past month.
Evaluation tells the same story. Glassnode puts the real market average at $77,200, roughly 15% above the spot price, so On the chain The system remains bearish. Short term bearer MVRV has recovered to 0.90 but remains below the 1.0 breakeven line.
A sustained move in both averages towards 2 would be the first real indication of a bias shift.
Spot order books build Bitcoin floor near $60K
Flow data tends to be lower, but spot liquidity has shifted in the opposite direction. This difference is where the reform thesis begins.
Binance’s order book depth imbalance has moved decisively in favor of quotes. Buy-side liquidity now outweighs remaining sell orders by the largest margin in recent months.
This indicates that traders are in a position to absorb supply at lower prices rather than selling during rallies. Negative bids near the $60,000 area appear to be defending the trend supports.
Open interest has also retreated from its peak in late May, while funding has slowed towards neutral. Deleveraging points to a more patient buyer base rather than crowded leverage.
The macro indicator indicates a rare deep value for Bitcoin
The long-range scale adds weight to the installation case. The Capriole Macro indicator oscillator reads -2.03, one of the deepest prints in its history.
Analyst Charles Edwards Notes Previous visits to these depths were short. It lasted about four months in late 2018 and two months in mid-2022. Both periods preceded major recoveries.
“In the last 10 years, Bitcoin has only spent 6 months at these deep value levels (5% of the time). This should be a great long-term opportunity… If you think these issues will be solved, you probably like Bitcoin here.”
It balances the call with two warnings absent in previous sessions. Edwards points to digital asset treasury risks and the looming quantum threat as open questions. This tension keeps deep value reading constructive rather than certain bottom.
Bitcoin floor: The price stops at the $64,000 to $66,000 area
Price action remains neutral on the daily chart. Bitcoin broke out of a parallel upward channel and quickly reached its $59,000 to $60,000 target.
This decline carried a sharp rise in volume and a highly volatile reading, confirming a flow rather than a slow bleed. The bounce has since taken the price to the $64,000 pivot to $66,000.
This area is crucial level For the next step. The retracement opens a path towards the lower channel range near the $74,000 to $76,000 resistance.
A rejection here would likely hold Bitcoin in a range between $60,000 and $65,000. The minimum of $59,000 to $60,000 is the support that should hold, while the minimum of $74,000 to $76,000 is the maximum for any recovery attempt.
Whether the patient offer can withstand the backdrop of weak profitability is the question that decides the next stage.
this post Bitcoin hits a floor near $60,000, but on-chain data suggests the decline is far from over. appeared first on BeInCrypto.
