Analysis: Bitcoin's bottom may be around $53,600, but demand conditions remain "very unfavorable".

CoinFeed reported on June 11th that, according to The Block, Julio Moreno, Head of Research at CryptoQuant, stated that Bitcoin's bottom may be around $53,600, the current achieved price, a level that has historically marked the bottom of bear markets multiple times. Bitcoin is currently trading at approximately $62,150, about 9% above that level. However, demand conditions remain weak. CryptoQuant estimates that total demand decreased by 652,000 BTC last week, the largest weekly drop since January 2022. 30-day ETF demand growth has fallen to -74,000 BTC, the weakest level since the ETF's inception.