K33 Research Says Bitcoin Is Entering a Bottoming Phase

Bitcoin has recently traded between $60,000 and $75,000, with K33 Research saying the consolidation reflects a gradual easing of earlier selling pressure. Long-term holders are becoming less willing to sell, while renewed inflows into spot Bitcoin ETFs are reducing supply pressure, suggesting the market may be entering a bottoming phase.

As of July 19, K33 Research had observed that flows into spot Bitcoin ETFs had turned positive and identified $60,000–$75,000 as the main consolidation range. However, tensions in the Middle East, oil-price volatility and the U.S. Federal Reserve’s hawkish stance continued to weigh on risk appetite. Signs of a bottom did not yet amount to a trend reversal.