Bitcoin slid to $59,000 to mark a new low for the year, but a long-term price model showed it has entered a zone similar to past major bottoms. CoinTelegraph said the move fits within statistical ranges seen at earlier bear-market lows. Derivatives data pointed to $55,000 as the next key support and $65,000 to $68,000 as the main upside focus, while traders watch whether bitcoin can reclaim $60,000.

Bitcoin has stayed in a recent weak trend, but its long-term trajectory based on a four-year cycle remains intact, an analysis said. Analyst David Eng said bitcoin is trading about 20 percent below a four-year “adoption structure” trendline, implying a fair value near $76,400. Short-term indicators still point to a bear market that may persist for months, with focus on the 50-month exponential moving average around $63,900 and June’s monthly close.