BTC bottom likely near $60K, says investment bank

U.S. investment bank Compass Point has assessed that the cryptocurrency market is entering the final stages of its bear phase, with Bitcoin likely to form a bottom around $60,000, CoinDesk reported. In a research note, the bank stated that BTC's next support level is expected in the $60,000 to $68,000 range, where 7% of long-term holders (those holding for over six months) acquired their positions. At the same time, the $81,000 to $83,000 zone is projected to be a strong resistance level. The bank also identified the $70,000 to $80,000 range as an "air pocket" with a thin order book, where prices could fall sharply, as less than 1% of long-term holders bought in this area. If BTC breaks below the $60,000–$68,000 support, the next support could be near $55,000, though Compass Point noted such a scenario would likely require a combination of negative events like a U.S. stock market crash and a series of bankruptcies at major crypto firms.