On-chain indicators suggest bitcoin may be approaching a bear market bottom
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CryptoQuant data shows that the cost basis of long-term bitcoin holders is approaching the breakeven line, a level that has historically appeared before the bottom of bear markets. After the release of strong non-farm payroll data, traders are now focusing on the delayed January inflation data. Expectations of prolonged high interest rates may lead to further declines in coin prices. Some believe that panic selling may be nearing its end, market sentiment is in the extreme fear zone, and there has been significant accumulation activity near the $60,000 support level.
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