Galaxy Digital research head Alex Thorn said Bitcoin’s recent weakness suggests it could drift lower over the coming weeks or months toward the 200-week moving average near $58,000. He noted that 46% of BTC supply is currently underwater, with a clear supply gap between $70k–$80k. Bitcoin has also failed to trade alongside gold and silver as a “debasement hedge,” weakening its narrative. Historically, the 200-week MA and realized price around $56,000 have marked strong long-term entry zones.
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