Bitcoin's Bottom Could Be Near $53,600, But Demand Remains 'Very Weak': CryptoQuant

According to The Block, CryptoQuant research head Julio Moreno said on June 11 that Bitcoin's bottom may be around $53,600, the current realized price level that historically marked bear market bottoms. BTC is currently trading near $62,150, about 9% above that level.

However, demand conditions remain weak. CryptoQuant estimates last week saw a 652,000 BTC demand decline, the largest weekly drop since January 2022. The 30-day ETF demand growth fell to negative 74,000 BTC, the weakest level since ETF launches. Over the past 30 days, realized losses totaled 187,000 BTC, well below capitulation thresholds. Moreno noted that while the price level suggests a bottom may be approaching, a bull market requires demand recovery, a condition not yet evident in the data.