K33: February's $60K Bitcoin low marks cycle's maximum drawdown

Despite Bitcoin's recent struggles below its 200-day moving average, K33 Research maintains that the cycle's lowest point remains at approximately $60,000, established in February. Analysts note that current market conditions differ from previous cycles, characterized by a slow grind rather than rapid rallies that rebuild risk appetite and leverage. This distinction suggests that the current price action may not necessarily lead to another significant downturn, as the typical patterns of leverage unwind are not yet evident. The firm's research head, Vetle Lunde, highlighted these observations in a recent report, suggesting that the market's current behavior is not mirroring past trends that preceded further price declines.