Analysis: Bitcoin is showing signs of an inflection point, but the bottom has not yet been clearly established.

CryptoQuant's on-chain metrics show that long-term holders' costs are nearing the break-even point, a level that historically often precedes bear market bottoms. Following the release of strong non-farm payroll data, traders are awaiting the delayed January inflation data; the prospect of prolonged high interest rates could trigger another price drop. Some believe the panic selling may be nearing its end, based on the market's extreme fear and significant accumulation activity near the $60,000 support level.