CryptoQuant: Bitcoin floor possible, demand remains weak

CryptoQuant sees $53,600 as a potential Bitcoin floor but notes weak demand and no clear recovery signs, with spot ETFs showing record-low interest.

CryptoQuant suggests that Bitcoin may find a support level around $53,600, which aligns with the realized price—the average acquisition cost of all bitcoins in circulation, according to on-chain data. Historically, this level has acted as a reference point during bear cycles, often serving as a floor where Bitcoin stabilizes before potentially recovering. Despite this, current demand for Bitcoin remains weak. Over the past week, there has been a contraction of 652,000 BTC, and spot ETFs have reported their lowest demand since launch. These factors indicate ongoing market uncertainty. CryptoQuant cautions that fragile demand could prevent a short-term recovery, keeping downward pressure on Bitcoin’s price. There are still no clear signs of a sustained rebound, making the outlook uncertain.