Bitcoin has fallen to around $62,000, surrendering part of a rebound that had carried it to $64,000 from last week’s bear-market low of $57,700. The pullback holds the price above the $60,000 level that CryptoQuant treats as support, though it trims a recovery of some 11% off the bottom. The dip came as CryptoQuant’s Weekly Crypto Report argued the backdrop skews toward further gains, citing improving demand, seasonality, and valuation.
Seasonality and Demand
The report’s bullish case rests on seasonality, with July having ranked among Bitcoin’s stronger months over the past decade. Demand has also turned, with the 30-day change in total demand recovering toward neutral and speculative futures demand crossing into positive territory.
Valuation and Index
Valuation has added a floor, with the on-chain trader unrealized profit/loss margin dropping below -24% in early June, under the -12% threshold treated as undervalued. However, CryptoQuant’s Bull Score Index, an aggregate of on-chain, market, and valuation conditions, sits at 20, inside the bearish zone, suggesting the move remains a bear-market recovery rather than a full trend reversal. Today’s slip to $62,000 underscores the report’s own hedge, with CryptoQuant reading the market as off its lows but with a bearish regime intact. A durable rally would require the Bull Score Index to climb above 60.
Market Outlook
The Coinbase Premium Index, a proxy for U.S. spot demand, has tracked Bitcoin’s climb off the low, pointing to steadier institutional appetite. However, the premium remains under zero, and the Bull Score Index needs to climb above 60 for a durable rally to occur.
Based on reporting from crypto.news.
