**[Galaxy Digital: Bitcoin May Test the 200-Week Moving Average at $58,000 Within Months]** Galaxy Digital's Head of Research, Alex Thorn, analyzed that Bitcoin's recent price weakness led to a 15% drop between January 28 and January 31, including a sharp 10% single-day decline on January 31, triggering over $2 billion in long contract liquidations. Bitcoin's price fell to a low of $75,644, breaking below the average cost price of U.S. Bitcoin ETFs at $84,000 and approaching the annual low of $74,420 set in April 2025. Currently, 46% of Bitcoin's supply is in an unrealized loss position. The analysis pointed out that Bitcoin might further test the supply gap bottom near $70,000 or even challenge the 200-week moving average (around $58,000) and the realized price (around $56,000). Historically, these two levels have often marked cycle bottoms and provided strong entry opportunities for long-term investors. Additionally, although profit-taking behavior among long-term holders has slowed, the market has yet to show signs of large-scale accumulation by whales or long-term holders. The report also mentioned that Bitcoin has recently failed to rise in tandem with traditional safe-haven assets like gold and silver, weakening its narrative as a "hedge against currency devaluation." The analysis suggests that Bitcoin may continue to face downward pressure in the coming weeks to months, but long-term investors can focus on entry opportunities at key support levels.