[Analysis: $60,000 to $74,000 Has Become the Key Battleground for BTC] According to a report by Bitfinex Alpha, Bitcoin's performance in January hit its lowest level since 2022, with the market structure shifting from a distribution phase to a sustained downtrend. Currently, the $60,000 to $74,000 range is the key battleground for Bitcoin, where the market may consolidate, absorb losses, and adjust positions before it becomes clearer whether this range will serve as a bottom for a rebound or a brief pause before further declines. Although short-term momentum remains bearish, the convergence of various capitulation signals suggests that Bitcoin is entering a stabilization phase.