After days of steep downward movement, the price of Bitcoin appears to have found a somewhat reliable anchor around the $60,000 region. However, recent on-chain data suggests that the premier cryptocurrency might not be down for long, with a bullish reversal seemingly on the cards.

Is BTC Price Bottom Already Forming?

In a June 7th post on the X platform, crypto analyst Ali Martinez revealed that the price of Bitcoin might have just reached a major bottom in this cycle. This evaluation is based on changes in the Bitcoin Supply In Loss metric, which measures the amount of BTC in circulation that was last moved at a price above the current market value.

This on-chain metric provides insight into how much pressure investors are under (or how…