Since hitting its peak of $126,000 last October, Bitcoin has experienced a significant downturn. The cryptocurrency’s value dropped to as low as $60,000 amid ongoing market uncertainty. In response, Bitfinex has released an updated analysis regarding this decline.
According to Bitfinex, the recent plunge marks the most substantial correction within the current Bitcoin cycle.
Although Bitcoin has shown signs of recovery since then, experts suggest that this rebound reflects a period of stabilization following a major sell-off rather than signaling a definitive reversal in trend.
Experts also emphasized that this correction was driven by independent spot market sales instead of forced liquidations.
This phase saw Bitcoin endure its largest single-day drop in market capitalization ever recorded, with prices dipping down to approximately $60,100.
At that juncture, on-chain data indicated daily losses surpassing $1.2 billion—an indicator many analysts interpret as evidence that the correction is nearing its conclusion.
Recent commentary from analysts highlights that Bitcoin’s recovery points toward consolidation rather than an immediate return to bullish momentum. They identify the price range between $60,000 and $74,000 as critical for BTC’s near-term outlook.
“Currently, the $60,000-–$74,000 zone appears to be the primary battleground for Bitcoin.”
The future role of this range—as either a launching pad for medium-term gains or merely a pause before further declines—will depend heavily on upcoming market developments and broader economic conditions.
This information does not constitute financial advice.