Standard Chartered analyst says the bottom may be near, but not confirmed yet; let's wait and see the support at the 200-week moving average.

CryptoWorld News reports that Standard Chartered analyst Geoffrey Kendrick stated that Bitcoin's price may be close to the bottom after experiencing a sharp sell-off. He pointed out that the current weakness may be nearing exhaustion but has not yet confirmed the bottom. Kendrick's view is based on three factors: potential strategic buy-ins, stable holdings of spot Bitcoin ETFs, and a large amount of futures liquidations. Bitcoin's price has fallen sharply from a recent high near $82,000, and traders are currently focused on the price range around $60,000 to $62,000, which is close to the 200-week moving average, seen by many market observers as a long-term support level. Kendrick also mentioned that recent small-scale Bitcoin sales by strategic firms have raised concerns in the market, but he believes that future buy-in actions could be more significant.