CryptoQuant Research Director Julio Moreno stated that the potential bottom for Bitcoin is around $53,600, which is the current realized price. This level has historically been close to bear market bottoms multiple times, but it does not mean Bitcoin will necessarily fall to this level. It can only be viewed as a "valuation bottom candidate" rather than a confirmed cycle bottom. CryptoQuant believes that Bitcoin demand remains "deeply unfavorable." Last week, total demand decreased by 652k BTC, the largest weekly contraction since January 2022; 30-day ETF demand growth dropped to -74k BTC, the weakest level since the launch of the US spot Bitcoin ETF. Additionally, over the past 30 days, holder realized losses amounted to 187k BTC, still below the levels seen during historic capitulation phases. (The Block)

BTC2.49%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned