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Bitcoin bottom debate spreads as focus shifts from price to global liquidity

Market views are split on whether bitcoin has already passed the low of the current cycle. Bitcoin is hovering around $63,500, down nearly 50% from a peak above $126,000 in October 2025. Some see signs of a bottom driven by spot bitcoin ETFs, corporate treasury demand and improving long-term flows, while others warn further declines may come. Several analysts say macro conditions and global liquidity now matter more than crypto-specific indicators.