Bitcoin may have already formed its bear market bottom, according to trader KillaXBT, despite renewed selling that pushed it toward $75,000 this week. KillaXBT argues that market structure carries more weight than the seasonal pattern that has often placed Bitcoin cycle lows in the fourth quarter. According to the trader, the market is now undergoing a deleveraging phase as traditional markets fall and Bitcoin follows their correlation. Bitcoin traded just above $76,000 after briefly reaching $81,000 and falling to a seven-week low of $75,600, with more than $560 million in positions liquidated in under an hour. To improve its momentum, Bitcoin needs to hold above its 50-week moving average near $75,500 and move back above $80,000.
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