Bitcoin has regained the $60,000 level, but the market is split over whether the recent $59,000 range was the bottom of the latest correction.

According to blockchain outlet U.Today on June 13 (local time), bitcoin rose to $73,978 early this month before selling pressure intensified, pushing it down to $59,073 on June 5. It later rebounded and traded around $63,790 on the day.

After the rebound, market focus has shifted from the risk of further declines to where support has formed. Crypto analyst Ali said, citing MVRV price bands, bitcoin may be approaching a market low. He said the 0.8 MVRV band aligns with bitcoin's "final capitulation zone" and suggested a historical bottom near $43,200.

The same indicator was also used to flag key support. Ali explained that bitcoin's important support zone overlaps with the 1.0 and 0.8 MVRV price bands, with those levels currently at $53,900 and $43,130, respectively. He suggested this is why the market has not relaxed despite bitcoin's return to $60,000.

Others say the recent low has already formed. Senior market analyst Geoffrey Kendrick judged that bitcoin bottomed at $59,000 and ended the crypto winter. The $59,073 recorded on June 5 is down 53 percent from an all-time high of more than $126,000, and Kendrick said this area could be the low for the current cycle.

Kendrick also maintained his year-end outlook. He set a $100,000 target for bitcoin and a $4,000 target for ether. At current prices, bitcoin would need to rise about 57 percent more to reach $100,000.

Spot bitcoin ETF outflows and liquidity pressure were cited as drivers of the recent correction. Kendrick pointed to large-scale redemptions of spot bitcoin exchange-traded funds (ETFs), liquidity pressure linked to a SpaceX initial public offering, and easing stress in the macro environment as factors that amplified recent selling pressure. Another view raised was that funds flowed out of bitcoin as risk appetite shifted toward artificial intelligence stocks and expectations for a SpaceX listing.

It is also relatively clear what the market will look for next. Kendrick expected that a resumption of buying and ETF inflows would help confirm a bitcoin bottom. As a result, key variables in the short term include whether bitcoin can hold the $60,000 level, whether it can maintain support at $53,900, and, if it falls further, the possibility of a test in the $43,000 range.