Bitcoin Near Historic Bottom Zone as Demand Collapses

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Bitcoin (BTC) traded around $62,800 on June 11 after recovering from this week’s sharp sell-off. The rebound comes as analysts debate whether the market is approaching a cycle bottom, and one of them highlights a historically important on-chain valuation level near $53,500. Despite the price recovery, several metrics continue to point toward weak demand and ongoing capital outflows across the general crypto market.

Bitcoin Reclaims $62K as Bottom Debate Intensifies

As it happens, Bitcoin spent the past day grinding higher after briefly falling below $61,000 earlier this week. The latest price action shows BTC trading near $62,800, and recovering a significant portion of the losses from the previous day but still remaining far below its 2025 highs.

Indeed, the price of BTC at press time on June 11 amounted to $62,825.61, which represents an increase of 2.6% on the day, a 1.2% decline across the past week, and a loss of 22.3% over the past month, per the latest chart information.

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According to CryptoQuant’s analysis, Bitcoin’s current price is about 15% above its Realized Price, which sits near $53,500. Historically, this metric has often acted as a major support zone during previous bear markets and late-stage corrections.

The firm’s latest report noted that total Bitcoin demand, measured through a combination of apparent spot buying and speculative futures activity, fell by approximately 652,000 BTC over the past week. CryptoQuant said this represents the largest weekly contraction since January 2022.

Institutional demand has also weakened. Growth in spot Bitcoin ETF holdings has slowed to its weakest pace on record, which means one of the strongest drivers of the current cycle is losing momentum.

Market analyst Benjamin Cowen has similarly argued that major bottoms typically require confirmation from wider market indicators rather than price alone, which suggests the current process could take considerably longer to develop.

Capital Continues Leaving the Bitcoin Network

Though some analysts see Bitcoin entering a potential value zone, others remain cautious.

Crypto analyst Doctor Profit recently argued that Bitcoin has entered what he calls Stage 5 of a six-stage bear market framework. According to his model, the current phase is characterized by growing emotional pressure and premature optimism before a final capitulation event.

He suggested Bitcoin could still revisit the $40,000 to $48,000 range before a durable bottom forms.

Additional on-chain data from analyst Axel Adler Jr. also points to continued weakness beneath the surface. Adler highlighted that Bitcoin’s Realized Cap 30-Day Change has fallen to negative 1.1%, marking the first time the metric has reached that level since March.

The decline reflects approximately $12 billion leaving Bitcoin’s realized capitalization since mid-May, as it fell from around $1.087 trillion to $1.075 trillion. During the same period, adjusted SOPR has remained below 1.0 for nearly two weeks, which indicates investors continue realizing losses instead of taking profits.

Despite those concerns, the latest market recovery has helped stabilize sentiment. Bitcoin remains comfortably above its Realized Price near $53,500, a level many analysts view as one of the most important long-term support zones in the current cycle.

Traders now appear focused on whether Bitcoin can build momentum above $63,000 or if weakening demand and persistent outflows will trigger another test of lower support levels across the crypto market.