Analysis: BTC finds floor near $57K, deep sell-off seen as unlikely

Crypto trader Killa said BTC is unlikely to suffer the steep drop to the $36,000-$48,000 range that some in the market expect. Killa said Bitcoin has typically formed three major bottoms in past bear-market cycles, with the final two proving the most important. After BTC touched around $59,000 and showed a mild bullish divergence, it failed to extend its decline, Killa said, adding that if the market had been set up for a drop into the $40,000 range, that move likely would have already happened. Killa said Bitcoin has now entered a clear "Accumulation Range" and sees the $57,000 area as a key floor. While BTC could briefly fall below that level, Killa said a prolonged decline to extreme lows is unlikely, citing the historical pattern of sweeping major bottoms before rebounding.