CryptoQuant: Bitcoin bottom may be around $53,600, demand remains notably weak

CryptoQuant indicates Bitcoin may form a bottom around the $53,600 level, which is the current realized price of Bitcoin—the average on-chain cost basis for all market participants.The report notes that in previous major bear market cycles, Bitcoin typically bottoms at or slightly below its realized price. Recently, Bitcoin fell to a new bear market low of around $59,000, only about 9% above the $53,600 realized price, before recovering to approximately $62,150.However, CryptoQuant emphasizes that the Bitcoin demand environment remains "extremely unfavorable," and a true bull market recovery requires a significant rebound in demand, a condition that on-chain data has not yet shown to materialize.