CryptoQuant Identifies $53.6K as a Potential Bitcoin Bottom

CryptoQuant has identified the $53,600 level as a potential floor for Bitcoin, with the cryptocurrency’s realized price currently hovering around that mark. However, the firm’s head of research, Julio Moreno, stressed that this level represents only a possible valuation-based low and should not be interpreted as confirmation of a cycle bottom.

The caution comes as Bitcoin demand continues to show signs of weakness. According to CryptoQuant, aggregate demand declined by 652,000 BTC over the past week, while 30-day ETF demand growth dropped to -74,000 BTC.

Meanwhile, realized losses among Bitcoin holders over the last 30 days remain below the levels that have historically signaled capitulation. The firm noted that those thresholds have yet to be reached.

Source: CryptoQuant