Bitcoin’s drop below $63,000 has pushed the asset into a price range that Glassnode’s on-chain pricing framework identifies as historical floor territory. According to the on-chain update from June 5, BTC at $62,000 has now worked through the upper rungs of the framework, moving into a cluster of valuation levels where past cycles consistently found a bottom. The decline—down nearly 50% from all-time highs and 24% over the past month—has forced the price into a zone that in previous drawdowns marked a turning point.