Key Bitcoin Metrics Indicate February's $60,000 Decline May Have Marked a Cycle Low

Recent analysis points to a possible inflection point in bitcoin's price cycle following the sharp selloff to $60,000 that occurred in February. Observers note that the realized market capitalization—a metric reflecting the value of all coins at the price they last moved—has stabilized since the decline, which may signal an end to major outflows. Additionally, RHODL ratio readings remain historically elevated, suggesting long-term holders are holding firm through volatility. Deeply negative funding rates on derivatives exchanges also mirror past cycle-low environments, where a bearish market consensus has often coincided with selling exhaustion. While these factors indicate the February downturn could mark a recent bottom, analysts advise that similar patterns have not always guaranteed sustained recovery in previous cycles. Investors and market participants are urged to interpret these signals with caution, considering ongoing market uncertainty.