Bitcoin's (CRYPTO:BTC) recent price movements between $54,424 and $58,215 indicate volatility, with signs pointing to a potential bottom despite significant selling pressure.

Key metrics such as the NVT Golden Cross at -1.39 suggest oversold conditions, historically preceding market rebounds.

On-chain data reveals strong bid support with 22,075 BTC bid at $55,671, contrasting with 11,514 BTC for sale at $55,673, indicating potential buyer interest.

The Liquidations Heatmap highlights liquidity concentrations at $57,516 and $58,037, pivotal for BTC's price action.

Additionally, the RSI at 34.61 suggests Bitcoin has exited oversold territory, potentially signaling a shift in momentum towards a recovery.

Technical analysis identifies $58,251 as a critical resistance level, with failure to breach $57,016 possibly leading to further retracement towards $55,019.