Bitcoin Price Hovers Near Structural Bottom Amid Weakening Demand

The Bitcoin price surged by over 2% in the last 24 hours despite various market headwinds, including rising US CPI inflation to 4.2%, Bitcoin ETF outflows, and the escalation of the US-Iran war.

CryptoQuant research suggests that BTC is approaching a structural bottom amid weakening demand and on-chain signals.

Historically, Bitcoin's price has bottomed near its realized price, which currently sits around $53,600 in this cycle. Julio Moreno, head of research at CryptoQuant, noted that 'it's a level that would confirm a bottom' but emphasized that it doesn't necessarily mean the bottom will be reached.

The current price level is only 9% above Bitcoin's realized price, and the market has since recovered from its bear market low of around $59,000. However, Moreno cautioned that a shift into a bull market requires 'constructive demand recovery,' which is not yet visible in the data.