BTC fell to $58,000 amid record sell-offs, with power-law metrics signaling extreme historical undervaluation near key support levels.
Bitcoin plunged to a yearly low of $58,000 after Binance saw $4 billion in hourly taker sell volume, the highest since May 4. The sell-off liquidated over $300 million in long positions before a rebound toward $60,000.
The power-law model, a long-term BTC valuation metric, identifies $68,000 as near-term support and $55,000 as a stronger historical floor. Current readings show Bitcoin cheaper than 94% of its historical observations, matching levels seen in 2015, 2020, and 2023 cycle lows.
A daily close above $60,000 would preserve a developing RSI bullish divergence, suggesting fading selling momentum across multiple time frames.