Bitcoin (BTC) has shown a trend this year that is very similar to last year. Looking back at last year, Bitcoin's market went through a 7-month period of volatility before hitting the bottom. As of now, BTC has been in an adjustment phase for 5 months. From the candlestick chart, it shows a rise followed by a fall, precisely retracing to the key moving average MA60 on the weekly chart. Moreover, the downward trend of the MACD indicator is also reminiscent of last year.
Analyzing the current market environment, there are no obvious negative factors present. The only key factor yet to be determined is the Federal Reserve's interest rate cut. If the Federal Reserve cuts interest rates in June or July of this year, based on market trends, the U.S. stock market and the crypto market are likely to experience a strong rebound. Based on the above signs and analysis, we can reasonably infer that around $75,000 is basically the bottom area for the current Bitcoin market.
