Bitwise says Bitcoin's brutal nine-month downturn masks a stronger-than-ever foundation, arguing institutional adoption, corporate buying, and improving market infrastructure position the industry for a rebound despite record ETF outflows and weak sentiment.
Bitcoin price has plunged below $60,000 after a perfect storm of ETF outflows, hawkish Fed signals, geopolitical inflation fears and shaken market confidence.
Bitcoin fell 13% last week after bears decisively broke $84,000 support, pushing prices to $75,600 before a minor recovery to $76,919 close. The loss of the 100-week SMA signals bear market confirmation, with resistance now at former support levels.
