Demand remains significantly weak at the bottom of Bitcoin or around $53,600

CryptoQuant said that Bitcoin could form a bottom around about $53,600, which is the current Bitcoin realization price, the average cost basis on the chain for all market participants. The report pointed out that in major bear market cycles, Bitcoin typically bottomed out near or just below the realized price. At present, Bitcoin once fell to a bear market low of about US$59,000, only about 9% away from the realized price of US$53,600, and then rebounded to about US$62,150. However, CryptoQuant emphasized that the Bitcoin demand environment is still "extremely unfavorable" and that a real bull market recovery requires a significant recovery in demand, but current chain data does not show that this condition has emerged.