According to ChainCatcher, CryptoQuant said Bitcoin may form a bottom near approximately $53,600. That level is the current realized price of Bitcoin, defined in the report as the on-chain average cost basis of all market participants.
Bitcoin rebounded after nearing realized price
The report noted that in previous major bear market cycles, Bitcoin has typically bottomed near its realized price or slightly below that level. Bitcoin had earlier fallen to around $59,000, marking a new bear-market low. That price was only about 9% above the $53,600 realized price, before Bitcoin rebounded to approximately $62,150.
CryptoQuant also emphasized that Bitcoin’s demand environment remains “extremely unfavorable.” The firm said a genuine bull-market recovery requires a clear rebound in demand, while current on-chain data has not yet shown that this condition has emerged.