Analyst: Bitcoin Could Test $58,000 Support after $2B Liquidations, On-Chain Weakness

Bitcoin sank about 15% between January 28 and 31, then dropped roughly 10% on Saturday, forcing over $2 billion in long liquidations. On-chain and market-structure signals point to risks of a move toward the 200-week average near $58,000 and the realized price around $56,000. One analyst now sees a potential cycle bottom in the $54,000–$44,000 range.