Was $60,000 the Bitcoin Bottom? There's a Good Argument for This, Says Scott Melker

Bitcoin (CRYPTO: BTC) has spent a prolonged stretch around $60,000, which prominent market commentator Scott Melker says may be part of a bottoming process.

Technical, Market Structure Signals

In a podcast on July 31,Melker argued that several technical and market-structure signals resemble conditions seen near previous Bitcoin cycle lows.

Recently, BTC traded about 10% above its July low near $58,000, while sentiment remained firmly in the fear zone.

Melker highlighted Bitcoin’s deeply oversold weekly relative strength index, a bullish divergence and its recovery above the 200-week moving average as encouraging signs.