Galaxy Digital Calls Bitcoin Bottom as Price Slides Below $80K

Galaxy Research argues that the Bitcoin bottom came in June and the market has moved into accumulation. The Bitcoin price holds just above its 50-week moving average after last week’s crypto sell-off. The June low never pushed Bitcoin below the average on-chain cost basis of its holders. Hedge funds unwinding futures trades drove most of the institutional selling. Bitcoin slipped back below $80,000 on Monday, trading around $79,670 after a broad sell-off across crypto markets last week .