Has Bitcoin Bottomed at $57,710?Bitcoin / US DollarCOINBASE:BTCUSDyinyangwutangOn 7/1/26, BTCUSD printed a low of $57,717, sweeping the previous swing low around $58,000 made a few days before. The key question now is whether this marked the cycle low or if another leg lower is still ahead. Let's examine both sides of the argument. Bullish Case: The Bottom Is In Several factors support the idea that Bitcoin may have already bottomed: Bullish divergence on the Daily RSI. Bullish divergence on the Weekly RSI, similar to the bottoming structure seen in November 2022. Strong selling volume during the recent lows, with declining volume on subsequent sweeps, suggesting seller exhaustion. Price front-ran the major Weekly Order Block at $57,290 before reversing. The Daily 12 EMA has crossed above the Daily 26 EMA, indicating improving short-term momentum. Bearish Case: More Downside Ahead There are also several reasons to remain cautious: Bitcoin is still trading below the Weekly 12 EMA, which continues to act as key dynamic resistance. Price remains below the Daily 12/26 EMA cloud, indicating short-term bearish structure. The higher-timeframe trend is still bearish, with a pattern of lower highs and lower lows. From a cycle perspective, Bitcoin has not yet reached the projected Q4/October timing window for a potential macro bottom. That said, this argument carries less weight as the expected timing has become widely anticipated, and markets often invalidate consensus expectations. What I'll Be Watching The next major confirmation level is the Weekly Order Block at $63,235. If Bitcoin can close above this level by the July 31 Monthly candle close, confidence that the $57,717 low was the cycle bottom would increase significantly. My Approach For long-term investors, dollar-cost averaging remains the preferred strategy. With Bitcoin trading roughly 50% below its all-time high of $126,290, risk-to-reward is becoming increasingly attractive. If you're looking to build a position: Consider accumulating at current levels, and especially below $63,235, based on your own risk tolerance. A logical risk level is below $56,500 as a stop-loss. If Bitcoin revisits or breaks below $57,290, I would view that as an opportunity to accumulate at more attractive prices rather than a reason to panic. As always, this is a probability analysis, not a prediction. Risk management comes first, and the market is free to invalidate any thesis at any time.