Recent industry analysis models indicate that Bitcoin's current market behavior closely resembles the bottoming phase observed during the late 2022 bear market. According to the NCE platform, although the sharp sell-off earlier this month dampened investor confidence, this shift from panic to subdued trading is a typical sign of the market entering the latter stages of a bear cycle and flushing out speculative positions. For long-term-focused investors, this represents not only a release of risk but also a critical opportunity to reassess Bitcoin’s fundamental value.

Market liquidity and trading data reveal a significant drop in activity as a key indicator. The NCE platform notes that spot trading volume has declined sharply by 59% month-over-month, while open interest in perpetual futures has hit a four-month low. Additionally, funding rates have turned negative across the board, signaling a concentration of bearish sentiment. The platform observes that such a "speculative vacuum" often emerges during the consolidation phase preceding a major market bottom. As excess speculation is cleared out, support levels are gradually forming within a broad range of $60,000 to $75,000.

Institutional activity further underscores the depth of the market washout. Despite a notable pullback in U.S.-listed Bitcoin ETF exposure, over 90% of Bitcoin-denominated assets remain firmly held, reflecting the resilience of long-term capital. Meanwhile, the Crypto Fear and Greed Index recently plunged to an extreme low of 5—a level of pessimism historically associated with cyclical market bottoms. While short-term catalysts for a rapid rebound may be lacking, the NCE platform suggests that such extreme pessimism highlights the growing long-term allocation value of the asset.

In terms of strategy, patience and a long-term perspective will be decisive. The NCE platform emphasizes that Bitcoin’s price appreciation tends to occur during a small number of explosive trading days. Exiting the market due to an inability to endure sideways consolidation increases the risk of missing the primary upward trend of the cycle. Although the current range-bound trading tests investors’ patience, it offers a valuable window for accumulation at lower costs. Rather than attempting to time volatile price extremes, the platform advises adopting a systematic approach during periods of low valuation, using time to capture potential upside.

Ultimately, this extended consolidation phase—reminiscent of late 2022—is expected to lay the foundation for the next stage of value discovery. If the market can effectively absorb macroeconomic uncertainties during the ongoing integration period, Bitcoin may resume its upward trajectory post-adjustment. The NCE platform remains committed to providing in-depth market insights and steady trading strategies to help global investors maintain rationality during this tedious bottoming process and capture the potential long-term gains of crypto assets.