Bitcoin Bottom Call Gains Momentum as Key Support Zones Take Shape

• Bitcoin recovered above $63,000 after falling below $60,000 last week.
• Ali Martinez highlighted MVRV pricing bands showing key support levels.
• Geoffrey Kendrick maintains a $100,000 Bitcoin target despite recent volatility.

Bitcoin’s recovery above $63,000 has renewed debate over whether the market has already established its cycle bottom. While traders remain cautious, several analysts now point to historical support indicators and improving market conditions as evidence that the worst phase of the recent decline may have passed.

The leading cryptocurrency traded as high as $73,978 at the beginning of June before heavy selling pressure pushed the price down to $59,073 on June 5. However, buyers returned near that level, helping Bitcoin regain lost ground during the week. At the time of writing, Bitcoin was changing hands around $63,790.

As Bitcoin stabilized above the $60,000 mark, attention shifted toward indicators that have historically identified major market bottoms. Consequently, analysts have started highlighting specific support zones that could determine Bitcoin’s next direction.

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MVRV data points to critical Bitcoin support levels

Crypto analyst Ali Martinez highlighted Bitcoin’s MVRV Pricing Bands as one of the most important indicators currently being monitored. According to Ali, the indicator places Bitcoin’s historical capitulation zone near the 0.8 MVRV Band, which currently sits around $43,200. Additionally, the MVRV model identifies another major support area near the 1.0 MVRV Band at approximately $53,900. These levels have often served as important reference points during previous market corrections.

According to Ali, the current structure suggests Bitcoin remains above those long-term support zones despite the recent selloff. As a result, market participants continue watching whether price action can remain comfortably above the $60,000 region.

Besides the technical signals, broader market conditions have also influenced Bitcoin’s recent performance. Some analysts noted that capital rotated into artificial intelligence stocks and the highly anticipated SpaceX public debut, reducing risk appetite across parts of the cryptocurrency market. At the same time, heavy spot Bitcoin ETF redemptions added pressure to prices during the latest downturn.

Standard Chartered analyst sees $59,000 as cycle low

Meanwhile, Standard Chartered senior market analyst Geoffrey Kendrick believes Bitcoin may have already established its cycle bottom during the June 5 decline. According to Kendrick, Bitcoin’s drop to $59,073 likely marked the low point of the current cycle. He continues to maintain his year-end target of $100,000 for Bitcoin and $4,000 for Ethereum.

Moreover, Kendrick attributed the recent weakness to ETF outflows, liquidity pressures connected to the SpaceX IPO, and broader macroeconomic uncertainty. However, he expects those pressures to ease over time. He also believes renewed institutional demand and stronger ETF inflows could help validate the recent rebound. Consequently, analysts will continue monitoring support levels and fund flows as Bitcoin attempts to build momentum above $60,000.

Conclusion

Bitcoin’s rebound from below $60,000 has shifted attention toward indicators that historically signal market bottoms. While uncertainty remains, Ali’s MVRV support zones and Kendrick’s bullish outlook suggest analysts are increasingly viewing the recent decline as a potential turning point rather than the start of a deeper downturn.

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