[Digital Today reporter Yoonseo Lee] Bitcoin has recently defended the $60,000 level, but an analysis said it is too early to say a bottom has been confirmed.

Cointelegraph, a blockchain media outlet, reported on June 9 that multiple indicators including mining cost, realized price, MVRV bands and weekly technical signals point to the possibility that bitcoin could slide to around $50,000 within the next few weeks.

Bitcoin defended the psychological support level of $60,000 during a roughly 13 percent correction last week, but analysts continued to point out that a rebound alone has not removed downside risks. The market saw tensions between the United States and Iran, and weaker expectations for interest rate cuts, as shaking appetite for risk assets. Some traders are leaving open the possibility of a deeper drop.

First, the mining cost model is signaling that bitcoin is testing the upper end of a key mining-cost support zone. A chart shared by Capriole Investments founder Charles Edwards shows bitcoin's average mining cost at about $62,650, with the lower bound based on electricity costs at about $50,120. If the current price clearly falls below the mining-cost range, the next value support level could be around $50,000.

The realized price indicator shows a similar pattern. A chart presented by analyst PlanC shows bitcoin's realized price, which refers to the average purchase price of all holders, at about $53,600. In past major cycle bottoms, spot prices generally formed after falling below the realized price.

In 2011, bitcoin formed a bottom at about 58 percent below the realized price, 49 percent in 2015, 47 percent in 2018 and 34 percent in 2022. By contrast, in the current cycle it has not spent a single day below the realized price. This leads to an interpretation that bottom formation could be delayed further.

The MVRV price band, an on-chain valuation indicator, also supports the possibility of additional declines. The model divides valuation zones based on where the market price stands versus the long-term average. Bitcoin is currently around $61,000, below the model's lower valuation band of $72,035. The next major zone was presented as an undervalued area around $50,000. As that range is also close to the realized price, $50,000 to $53,600 is grouped as a key on-chain support level.

Technical signals are also leaning bearish. Bitcoin faced resistance below the 50-week simple moving average of about $91,700 and then appeared to break out of an ascending range. It is currently testing around $62,000, the 200-week simple moving average seen as a long-term support level. If the weekly close falls below that line, a bearish trend could be confirmed and a downside target could open below $50,000.

Overall, the $60,000 to $63,000 range is a short-term defense line where mining costs and long-term moving averages overlap. If it fails to hold, market focus is likely to shift to the $50,000 to $53,600 range where the realized price overlaps with the deep-value zone.

Ultimately, the market's watershed is gathering around $60,000 and $62,000. Even if bitcoin succeeds in a short-term rebound, major on-chain and technical indicators are not yet signaling a confirmed bottom. In this 흐름, the market is watching whether the $50,000 to $53,600 range will act as the next key defense line.