CryptoQuant analyzed that while BTC remains in a bear market, this trend is gradually weakening, increasing the possibility of a trend reversal. It added, "The periods of decline following the all-time high are getting shorter, while the rebound magnitude is gradually increasing. Notably, the decline in early July only slightly fell below the low of early February. Since then, the price has maintained stability around $60,000, showing signs of weakening selling pressure. Technical indicators are also positive. MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index) showed bullish crosses, bullish divergences, and oversold signals, indicating a bottom formation. However, there remains a possibility of a final sell-off, and the ultimate bottom could form around the $51,336 level. The area around $50,000 presents conditions similar to historical bear market bottoms, with major past support levels, holders' average acquisition costs, and the 200-week moving average converging," it diagnosed.
