Wintermute: BTC has passed initial sell-off, but trend reversal unconfirmed

According to crypto market maker Wintermute, Bitcoin has weathered the initial selling pressure of the bear market, but several additional confirmations are needed before a full trend reversal can be declared. In its weekly report, the firm noted that market conditions have become more constructive, citing the recent positive turn in the BTC Coinbase Premium, ETF fund inflows, and institutional over-the-counter buying. Wintermute emphasized that the confirmation of institutional buying demand in the mid-$60,000 price range is particularly important. However, the firm advised a cautious approach, as $74,000 and $80,000 are likely to act as significant resistance levels. From a cycle perspective, Wintermute pointed out that previous bear markets took around 400 days to reach a bottom from their peak, whereas the current cycle is less than 200 days from its high. While Wintermute believes this bear market is likely to be shallower than previous ones, it stressed the need to closely monitor the U.S. Federal Reserve's interest rate policy, energy-related news stemming from risks in the Middle East, and price action near key technical resistance.