Bitcoin Weekly Forecast: Why BTC is close to a bottom

Bitcoin price has traded differently during US stock market open hours, ascribed to ETFs and institutions. Social metrics continue to dwindle as traders show weak ‘buy-the-dip’ interest, which explains multiple retests of $60,600. Crowd's lack of faith could signify that prices are close to bottoming out. Bitcoin price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.

The crowd is leaning bullish based on history's price performance after the halving and the ETF euphoria. However, the ability for Bitcoin price to climb to $80,000 and beyond largely hinges on whale and shark behavior. It also depends on how much dormant BTC addresses will continue pouring back into mainstream circulation and the network's realized profits versus losses, among other factors.

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