Bitcoin fell below $60,000 for the first time since 2024 last week, approaching its realized price of approximately $53,600, a key level historically associated with bear market bottoms, according to CryptoQuant. The analytics firm notes that while Bitcoin has bounced from the $60,000 level, demand is insufficient to support a sharp recovery. On-chain and derivatives data show accelerating contraction in speculative and spot demand, with ETF outflows totaling over $4.8 billion since mid-May, marking a categorical reversal. However, realized losses have not yet reached capitulation levels, suggesting that a durable rebound may require further loss realization to clear supply overhang. Bitcoin is down 6.6% in the past week and 51% from its all-time high of $126,080.

Key facts

• Bitcoin fell below $60,000 for the first time since 2024 last week.
• Realized price is $53,600, historically a key bottom marker.
• CryptoQuant says demand fading with ETF outflows over $4.8 billion.
• On-chain data shows worst weekly demand contraction since January 2022.
• Bitcoin still 51% below its all-time high of $126,080.

KeyAudit data perspective