Bitcoin may need to climb back above $65,000 before any meaningful recovery can take hold — but getting there looks harder by the day.
The $65K support level was the previous level of support after the crash early in February and is now acting as the resistance to break through.
The 30-day combined growth of spot and perpetual futures demand has fallen to around -650,000 BTC, a reading that has appeared only three times since 2019.
CryptoQuant analyst Moreno flagged the figure as a sign that the market has entered one of its weakest demand phases in years, with both regular buying and derivatives exposure falling at the same time. That means fewer buyers are available to absorb any fresh selling pressure.
Bitcoin Demand Hits a Level Seen Only 3 Times Since 2019
The first instance came in December 2019, when Bitcoin was trading near $6,500 and demand conditions were already deteriorating ahead of the COVID-19 market crash. The demand indicator hit extreme contraction before prices collapsed further in March 2020, eventually bottoming near $3,800.
A second instance appeared in January 2022, when Bitcoin had already fallen from its then-record high of $69,000 to around $32,951. Demand recovered in the following weeks, and prices rebounded into March — but the recovery did not last.
Bitcoin resumed its decline and did not hit its bear-market floor of roughly $15,500 until November 2022, nearly 10 months later.
The Difficult Phase AheadThat kind of stagnation, he argues, may prove harder on investors than the price drop itself. Van de Poppe, for his part, called the recent selloff largely irrational, though he acknowledged Bitcoin remains pinned below the $65,000 level that once served as support and has since become resistance.
Featured image from Pexels, chart from TradingView
