Bitcoin (BTC) demand has reached a level last seen only three times since 2019, according to CryptoQuant data. The 30-day volume of the combined spot and futures demand has dropped to 650,000 BTC.
A different metric from Capriole Investments creates a similar picture. Visible Demand is sitting near a four-year high as BTC trades near $62,800.
CryptoQuant Takes a Look at Bitcoin’s Rarity
Only two similar readings exist on the chart. They appeared before the COVID crisis in early 2020 and in the 2022 market.
The structure of its decline also requires its depth. The demand for land and the permanent future is diminishing at the same time. Therefore, this weakness goes beyond the strength comparison, a change that is shown in anCryptoQuant’s latest alerton a non-conformance basis.
In a QuickTake post, CryptoQuant analyst MoneroDV_ said that the reading indicates the beginning of a volatile phase rather than a final settlement. He wrote on CryptoQuant:
“The most likely way is the initial increase in instability, followed by a period of precious” surgery “: weak speed, difficult action and long-term action.
History adds interest. The lows of minus-650,000 BTC have signaled the beginning of an unstable phase, not the final decline. The recovery to the upper support area is closely related to March 2020 and the end of 2022. A similar recovery may provide the first sign of a signal reversal.
Capriole Data Confirms Weakness But Offers Caveat
Charles Edwards, CEO of Capriole Investments, revealed a second signal this week. Demand Demand measures whether new purchases are based on the release of new coins and long-term supply that returns to circulation.
The metric currently shows a discount of 8,761 BTC. The rate remains below 2.6% over its four-year period. Meanwhile, the 30-day trend remains negative, indicating weakness for the next 7 to 30 days. Edwards wrote on X:
“Yeah. Bitcoin doesn’t tend to do well when Apparent Demand is down.”
However, the indicator has a caveat that undermines the bearish trend. Capriole’s analysis shows that the predictive value of the metric is weak, with a negative forward correlation.
Reading acts as a secondary input rather than a value driver. That distinction separates it from the more mature CryptoQuant indicator currently running bear market to argue.
BTC Price Prediction based on $59,000 Support
BTC traded near $62,833 at press time, up 2.7% over 24 hours, according to market data. The price remains about 50% below its cycle above $120,000, which was set for the end of 2025.
Persistence of Bitcoin ETF exits have eliminated a major source of systematic buying through May and June. With demand growth so bad, few buyers are ready if sales resume.
June’s low near $59,000 now serves as important support, about 6% below current levels. A definitive break can reveal a price found near $53,600, about 15% below the spot. Previous research has found the site to be a prehistoric site.
Conversely, a daily close above $66,000 would weaken the bearish sentiment and suggest that demand is returning. ETF volatility remains a key contributor to such a recovery.
Until then, all datasets point in the same direction. BTC defends $59,000 through the anesthesia phase or returns to the levels seen last time.
A note Bitcoin Demand To Fall To A Level That Has Seen Only Three Since 2019 appeared for the first time BeInCrypto.
