Bitcoin (BTC) has held above $62,000 on Thursday after a modest 2.3% surge in the last 24 hours. Amid increased investor anxiety, a new analysis suggests that Bitcoin may be moving closer to a potential bottom.
According to the latest CryptoQuant Weekly Report, the asset is currently trading a little over 15% above its Realized Price of $53,600, a level that, in previous market cycles, has often been associated with the formation of major market bottoms.
Mixed Signals
However, current demand conditions remain weak across the market. For instance, “Total Bitcoin,” measured by combining speculative perpetual futures trading and apparent spot buying, declined by around 652,000 BTC over the past week, the largest weekly contraction since January 2022.
At the same time, ETF demand growth has fallen to its lowest level on record, which essentially means that institutional buying, a major driver in the current cycle, is slowing down.
Market cycle analyst Benjamin Cowen has also pointed ou
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