According to CryptoQuant analysts, Bitcoin price may have potentially bottomed after rising to $66,000 levels.

According to CryptoQuant's research, the Bitcoin price dropped to $55,000 last week, causing one of the biggest losses this year.

Analysts said, "Last week, Bitcoin holders suffered losses of $2.5 billion, while profit taking remained at minimal levels. Large losses usually indicate that selling pressure has peaked and prices are approaching their bottoms."

Unrealized losses for Bitcoin investors reached a nearly two-year high last week.

"Investors' unrealized loss ratio currently stands at -5.7%. Last week's low of -17% was recorded as the most negative level since the FTX crash in November 2022," analysts added.

The report also said, "When investors' profit rates fall to extremely negative levels, as was the case last week, prices usually bottom out."

CryptoQuant predicts that Bitcoin may have hit a local bottom and positive momentum could be captured. This is based on three indicators in particular.

"The Bitcoin Profit & Loss (P&L) Index surpassed its 365-day moving average, and the Bull-Bear Market Cycle indicator crossed its 30-day moving average. Additionally, the Metcalfe price valuation bands acted as support for prices for the second time this year," CryptoQuant analysts said.

However, CryptoQuant CEO Ki Young Ju emphasized that stablecoin liquidity must increase for this positive scenario to occur.

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