February 3 News, Bitcoin has recently shown weak rebounds, and market opinions on the future trend are becoming more divided. Alex Thorn, Head of Research at Galaxy Digital, stated that “reasons to push the price higher are still hard to find,” and in the coming weeks, there is a higher probability that Bitcoin will pull back to a key support zone.
Alex Thorn pointed out that Bitcoin may first fill a supply gap around $70,000, then test its “realized price” level of approximately $56,000. The realized price is considered the average cost basis of all Bitcoin holdings across the network. Historically, during bear market bottoms, Bitcoin has often found support near this area.
Data shows that Bitcoin rebounded about 3% this Monday, climbing back to around $78,000, but still about 39% below the high of $126,000 set in October last year. Meanwhile, Bitcoin broke below the 50-week moving average in November last year, with the 200-week moving average currently around $58,000. In multiple past cycles, when the price was below these two long-term moving averages simultaneously, it often marked a cyclical low and provided a better accumulation zone for long-term investors.
On-chain activity indicates that the significant accumulation by large holders and long-term investors remains limited, suggesting some funds may still be waiting for lower prices. However, Thorn also mentioned that profit-taking among long-term holders is slowing down. This change is often seen as a sign approaching the bottom, but potential selling pressure above could still limit short-term rebounds.
On the policy front, the U.S. Senate is discussing the Crypto Market Structure Bill, but progress has slowed due to insufficient bipartisan support. Thorn believes that even if the bill passes, the positive sentiment will likely benefit altcoins more than directly changing Bitcoin’s medium-term trend.
Overall, in the absence of strong catalysts and with a relatively weak macro narrative, topics such as Bitcoin price forecasts, support levels, and overall crypto market trends will continue to be focal points for investors. The market may keep oscillating around key cost zones.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Spot ETFs Record $144.49M Net Inflows, Extending 9-Day Streak
Gate News message, April 25 — Bitcoin spot ETFs recorded net inflows of $144.49 million yesterday (April 24, Eastern Time), according to SoSoValue, extending a nine-day streak of positive inflows.
BlackRock's IBIT led all funds with $22.879 million in single-day inflows, bringing its historical tot
GateNews58m ago
Metaplanet Issues 8 Billion Yen Zero-Coupon Bonds to Increase Bitcoin Holdings
Gate News message, April 25 — Japanese Bitcoin Treasury Company Metaplanet announced the issuance of 8 billion yen in zero-coupon ordinary bonds to fund further bitcoin purchases.
The proceeds from the bond offering will be allocated toward expanding the company's bitcoin holdings as part of its
GateNews1h ago
Bitcoin Developer Paul Sztorc Announces eCash Hard Fork with 1:1 BTC Exchange, Sparking Community Controversy
Gate News message, April 25 — Bitcoin developer Paul Sztorc announced the launch of eCash, a Bitcoin hard fork network that will allow BTC holders to exchange their holdings at a 1:1 ratio for eCash tokens following the network's activation. The Layer 1 node software will be a near-replica of the Bi
GateNews1h ago
Liquidity Is Shifting Beyond Bitcoin — Why Altseason 2026 Could Surge and 5 Crypto Picks Gaining Attention
Liquidity rotation is gradually moving across multiple blockchain sectors beyond Bitcoin dominance.
Scaling and infrastructure tokens show steady development activity across developer ecosystems.
Privacy and gaming narratives continue to influence selective market participation trends
CryptoNewsLand1h ago
Bitdeer Sells All 185.7 BTC Weekly Output, Maintains Zero Bitcoin Holdings
Gate News message, April 25 — Bitdeer, a Nasdaq-listed Bitcoin mining company, disclosed its latest holdings data on X. For the week ending April 24, the company produced 185.7 BTC from mining operations and sold the same amount, resulting in
GateNews1h ago
Blackrock's IBIT Pulls $167M as Bitcoin ETFs Extend 8-Day $223M Inflow Streak
Bitcoin extended its inflow streak with conviction, adding $223 million. However, ether’s rally paused with a $76 million outflow, while XRP and solana posted decent gains.
Key Takeaways:
Bitcoin ETFs logged $223 million inflows for an eighth straight day of inflows, led by Blackrock’s IBIT addi
Coinpedia2h ago
