Bitcoin has rebounded nearly 47% from its July low to trade near $86,000, but Binance Research says historical data still does not confirm that the current cycle bottom is in.
Binance Research said in its Oct. 5 weekly report that Bitcoin closed at $84,880 on Oct. 1, 46.9% above the $57,800 low recorded on July 1. Its historical study found that rebounds of this size have often failed when they began before Bitcoin completed a deeper drawdown.
Current market data show $BTC has since moved higher. CoinGecko showed Bitcoin near $85,988, up roughly 1.3% over 24 hours, with an intraday range between $85,098 and $86,949. The asset remains nearly 32% below CoinGecko’s $126,080 all-time high.
