Bitfinex analysts foresee a potential local bottom for Bitcoin (CRYPTO:BTC) after recent on-chain data and market movements suggest stabilisation.

Despite Bitcoin's dip to around $57,000 amidst volatility triggered by large sales from Mt Gox creditors and the German government, Bitfinex suggests these events have already been factored into the market.

On-chain indicators like the Coinbase Premium Index, showing reduced selling pressure, and the Spent Output Profit Ratio (SOPR) for short-term holders selling at a loss, hint at a possible price rebound.

Moreover, the average funding rate for BTC perpetual trading pairs has turned negative, indicating market stabilisation or a nearing bottom as BTC deals with supply overhang and investor sentiment shifts.