Bitcoin's downward momentum continues to weaken, with multiple on-chain indicators suggesting that the price has likely bottomed out. The market is gradually moving past selling pressure and entering a stable consolidation phase, though a full-blown bull market has yet to arrive. Analysts have identified three major bottoming signals: 1. Bitcoin's Sharpe ratio has surged from -43 to 20.35, indicating a significant improvement in the risk-reward structure. 2. The proportion of new buyers' holdings has dropped below 7%, a range historically associated with the early stages of a bull market. 3. Capital is steadily flowing into derivatives platforms, signaling a marginal recovery in market sentiment. Currently, Bitcoin is firmly holding the critical support level of $73,700. If it stabilizes at this price, it could further challenge $96,000. The February low of around $60,000 may mark the bottom of this adjustment cycle.