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Bitcoin slips near $62,000 as rebound pares gains
Bitcoin eased from a rebound peak near $64,000, with CryptoQuant saying demand has started to stabilize but its Bull Score Index remains bearish.
Bitcoin fell to around $62,000 after rebounding from last week’s low near $57,700, paring earlier strength that had pushed it toward $64,000, according to Bitcoin Magazine. CryptoQuant, cited by the outlet, said the improvement in conditions could still support additional gains. However, it cautioned that the move looks like a bear market recovery rather than a full trend reversal, pointing to its Bull Score Index reading of 20 on a 0-to-100 scale, a level it flags as bearish.
The weekly Crypto Report highlighted support around the $60,000 level used by CryptoQuant and noted the rebound reduced by about 11% off the bottom. It also pointed to seasonality, saying July has historically been one of Bitcoin’s stronger months, including during past down-cycles such as 2018 and 2022.
On demand, CryptoQuant said the 30-day change in total demand, combining spot and perpetual futures, bottomed at roughly negative 650,000 BTC in early June, then has since recovered toward neutral. It added that speculative futures demand has turned positive while spot selling has eased to its slowest pace since mid-May, and it framed a return to positive demand as the signal that would re-ignite the demand engine.
Bitcoin Magazine also cited U.S. demand signals via the Coinbase Premium Index, describing it as having moved below zero in early June as Bitcoin neared about $58,000, a level used as context for when U.S. spot demand appeared to bottom.
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