Bitcoin’s Current Setup Mirrors March 2023 Bottom That Preceded a 238% Rally: Analyst
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Bitcoin’s Current Setup Mirrors March 2023 Bottom That Preceded a 238% Rally: Analyst
Spot Bitcoin ETFs, which absorbed hundreds of thousands of Bitcoin in the months following their January 2024 approval, have recorded outflows across consecutive weeks.
Darkfost said the 30-day average net demand growth has turned negative, reaching approximately -66,000 Bitcoin, a net outflow reading not previously recorded in the available data set.
Structural Question Remains Open
March 2023's P-10 reclaim did not occur in isolation. It coincided with an early accumulation phase that drew institutional capital back into the market following the collapse of FTX and a period of sustained selling by distressed holders. That demand backdrop eventually provided the foundation for the 238% move Eng is referencing.
June 2026's reclaim is happening against a structurally different demand picture. ETF outflows, reduced corporate buying, and negative 30-day demand growth leave the recovery resting on technical pattern recognition rather than a visible fundamental demand catalyst.
Eng's framework identifies the price structure. What it cannot resolve is whether the buyers necessary to sustain a floor tap are positioned to step in.
Bitcoin traded at $66,604 at the time of writing, up 9.4% from its June 2026 spot low of $60,859.
This article has been published in ccn.com via Yahoo News.
Bitcoin’s Current Setup Mirrors March 2023 Bottom That Preceded a 238% Rally: Analyst
Bitcoin's June 2026 P-10 breach lasted two days, with a shallower 3.07% penetration compared to March 2023's 4.47%, and the price recovered to $64,056 ...
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