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Crypto

CryptoQuant says bitcoin is near a bottom but lacks demand to support a rebound

Bitcoin has moved closer to what analysts see as a bear-market bottom after briefly slipping below $60,000, but demand across spot and derivatives markets is weakening, CryptoQuant said. The on-chain analytics firm put bitcoin’s realised price at about $53,600, 13 percent below the current trading price of around $61,680. It said recent data point to the sharpest one-week demand destruction since January 2022, while spot bitcoin ETFs have seen cumulative outflows topping $4.8 billion since May 14.

Crypto

Bitcoin weekly drop 16 percent; breach of $60,000 may test $50,000 level

Bitcoin has fallen about 16 percent over the week, its weakest weekly performance since November 2022, according to Cointelegraph. It slid to $61,000 intraday and is trading around $62,000, with buying interest defending $60,000 as a psychological support level, though downside pressure remains on charts. Technical patterns and on-chain indicators point to support around $50,000 to $54,000, with some scenarios citing $55,000 as a worst-case lower bound.

Crypto

Bitcoin could slide to $50,000 if $60,000 support breaks

Bitcoin could fall to $50,000 to $51,000 in the short term and to $33,000 on a weekly-chart basis if it drops clearly below the $60,000 support level, an analysis showed. Cointelegraph said bitcoin was down about 15 percent for the week through Thursday, marking its weakest weekly performance since November 2022. Analysts cited a bearish flag pattern and on-chain indicators pointing to support around $50,000 to $54,000.