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00:02Cryptocurrency analyst Ali Martinez said Monday that Bitcoin is nearing a bottom
00:06and entering a major accumulation cycle. In a post on X, Martinez noted that Bitcoin's
00:12crash to $59,000 flushed out over-leveraged positions, with long-term holders selling
00:18over $3 billion in spot BTC. The distributed supply temporarily pushed up exchange reserves,
00:24likely increasing short-term selling pressure. Martinez said more than 10.46 million BTC is
00:30currently held at a loss, and that the supply and loss metric crossing the 10 million threshold
00:35has historically timed macro bottoms. He identified $53,900 and $43,150 as key accumulation zones.
00:45Martinez entrapped the 200-week moving average at $62,800, the 300-week at $55,000,
00:52and the 400-week at $42,500. Bitcoin was trading at $62,509.36 at the time of writing.
01:02For all things money, visit Benzinga.com.
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