On June 24th, Bitcoin continued to consolidate around its long-term moving average. Analysis from Vatee Forex suggests the market is reassessing whether this recent decline is approaching a potential interim bottom. External research indicates that if the price continues to fall, the zone representing the average on-chain cost basis could become a more critical level to watch.

Drawing on historical patterns, Vatee Forex notes that Bitcoin has often formed more solid bottoming structures when market sentiment is at its most fragile and the price nears the cost basis for the majority of holders. Therefore, despite the market having undergone a significant correction, whether a true bottom has been established still depends on observing the evolving relationship between price and this cost support.

If subsequent selling pressure continues to be released, the market might see concentrated turnover in a lower price range. Conversely, if the long-term moving average can hold, bearish sentiment could gradually subside. The core focus at this stage is not chasing short-term rebounds, but rather judging when the selling pressure is genuinely exhausted.

In summary, Vatee Forex's analysis concludes that whether Bitcoin can complete its interim bottoming process still hinges on the effectiveness of the cost basis in absorbing market volatility. Moving forward, on-chain data and shifts in sentiment will remain crucial indicators for observing the formation of a bottom structure.