Bitcoin price performance in June has gotten off to a rocky start, with prices now down 50% from the market\u2019s all-time high. In the last week alone, the premier cryptocurrency has declined by 16%, forcing the price to around $60,000 for the first time since February.\u00a0<\/p>\n
Notably, the heavy market loss has coincided with the dominant Bitcoin treasury Strategy offloading $2.5 million in BTC to manage its balance sheet, despite initial chants of \u201cnever sell\u201d. Moreover, the upcoming IPO of Elon Musk\u2019s SpaceX is garnering much momentum as a favorable investment at the moment. Using relevant on-chain data, market analyst Rafael, with the X username n3ocortex, has highlighted a market bottom range amid the current persistent downtrend.\n<\/p>\n
After failing to break past the $82,000 barrier in early May, Bitcoin slipped into another corrective wave, resulting in a 24% price loss to date. In performing an in-depth on-chain analysis<\/a>, Rafael reveals the asset\u2019s recent decline had pushed prices below the median holder\u2019s breakeven level for the first time since May 2022. Meanwhile, Bitcoin has also crashed below the 200WMA, exposing the asset to a key, deeper cost-basis ladder. The Cumulative Value Days Destroyed (CVDD), valued at $46,200, represents one of these bases and is commonly used to identify long-term market bottoms.<\/p>\n 1\/ Where is the #\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3<\/a> bottom?$BTC<\/a> has fallen to $62K, nearly 50% below its ATH and down 24% in a month.<\/p>\n Price has now worked through the upper rungs of our pricing framework, moving into the cluster of valuation levels where past cycles have found their floor.<\/p>\n\n
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