CryptoQuant：Bitcoin bottom may be near $53,600, demand remains significantly weak

Odaily reports that CryptoQuant has indicated Bitcoin could be forming a bottom around $53,600, which is the current realized price of Bitcoin—the average on-chain cost basis for all market participants.

The report points out that in previous major bear market cycles, Bitcoin typically bottoms at or slightly below the realized price. Bitcoin recently fell to a new bear market low of approximately $59,000, just about 9% away from the $53,600 realized price, before recovering to around $62,150.

However, CryptoQuant emphasized that Bitcoin's demand environment remains "highly unfavorable," and a genuine bull market recovery requires a significant rebound in demand—a condition that on-chain data has not yet shown to be present.