Even the Last Buyers Have Completed Selling...Bitcoin (BTC), Is $60,000 the Real Bottom?

▲ Bitcoin (BTC)/AI generated image

An analysis suggests that Bitcoin (BTC) is forming a bottom around $60,000. Even though companies and miners, who were expected to be the last buyers, have turned into sellers, the price is holding, indicating a supply restructuring centered on long-term holders.

According to Benzinga, a U.S. investment media outlet, on August 3 (local time), crypto market commentator Scott Melker analyzed in a July 31 podcast that several technical indicators and market structures are similar to past Bitcoin cycle bottoms. Bitcoin rebounded by about 10% from its July low of $58,000, but market sentiment remained in the fear zone.

Melker explained that a bullish divergence appeared while the weekly Relative Strength Index (RSI) entered an oversold state. He also cited Bitcoin's recovery of the 200-week moving average and its rebound near the 50-month moving average as positive signs. Although the 50-month moving average coincided with major long-term accumulation zones in the past, he noted that the key resistance level has not yet been recovered, leaving open the possibility that the price may retest the bottom of the range.

In terms of market structure, he noted that a significant portion of forced selling volume has been exhausted. Some digital asset treasury companies, whose stock premiums collapsed, stopped accumulating Bitcoin or disposed of their holdings. Strategy (MSTR) also sold Bitcoin and focused on increasing cash holdings and managing obligations related to preferred shares, and Bitcoin miners sold their holdings to fund artificial intelligence infrastructure. Melker stated, “Entities that were considered the last buyers have all become forced sellers, but Bitcoin is still holding on.”

Significant funds exited Bitcoin spot ETFs during the correction period, and retail investors moved into AI and semiconductor stocks. Meanwhile, large Bitcoin holders reportedly sold during the bull run that extended to approximately $126,000 in October 2025, and then re-accumulated around $60,000. Melker assessed that the supply from short-term and emotionally driven investors is being transferred to long-term holders.

A decrease in Bitcoin holdings on exchanges was also presented as a sign of easing selling pressure. This indicates a stronger trend of investors moving Bitcoin to personal wallets rather than preparing to sell. Melker analyzed that while further confirmation of key resistance level recovery is needed, the technical rebound, exhaustion of forced selling, and whale accumulation support the $60,000 bottom theory.

[Article Key Summary]

-Scott Melker analyzed that oversold signals, bullish divergence, and long-term moving average rebounds point to Bitcoin forming a bottom.

-Despite traditional buyers like Strategy and miners selling Bitcoin, the price held around $60,000.

-While retail investors exited, large holders resumed accumulation, and exchange holdings decreased.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*