Rare demand slump keeps Bitcoin below $65,000 resistance

Bitcoin is capped below $65,000. A break above could ignite a push to $72–74K, but demand just sank to a level seen only three times since 2019.

Analyst Michaël van de Poppe says $65,000 flipped from support to resistance. “Breaking that level would trigger a strong run to $72–74K.” Source: van de Poppe’s post.

What the data shows
- 30-day combined growth of spot and perpetual futures demand is about -650,000 BTC, a print observed only three times since 2019. Source: CryptoQuant post.
- Both spot buying and derivatives exposure fell together, leaving fewer bids to absorb new selling. Source: CryptoQuant post.
- Bitcoin is down ~3.40% this week after a 14% drop last week; month-to-date loss ~16%, with price near $61,000.

What history says
- This -650,000 BTC demand zone has not marked bottoms historically. Analyst Moreno notes it often starts a tough phase, not ends it. Source: Moreno’s analysis.
- December 2019: BTC near $6,500 as demand deteriorated; prices later fell to ~$3,800 in March 2020. Source: CryptoQuant post.
- January 2022: BTC around $32,951 saw a rebound, but the decline resumed; the bear-market floor came near $15,500 in November 2022. Source: CryptoQuant post.

The near-term setup
- Moreno expects a “final cleansing phase”: heightened volatility, then a longer sideways period with low participation. Source: CryptoQuant post.
- Van de Poppe flags $65,000 as the key level. A breakout would target $72–74K; below it, recovery looks harder. Source: van de Poppe’s post.