Bitcoin Slips To $62,000, Paring Rebound As CryptoQuant Sees Room Higher
Bitcoin’s price hovered near $62,000 today, showing a slight pullback from its recent rebound from a low of $57,700 to a high of $64,000. Despite the dip, the price remains above the key support level of $60,000, as identified by CryptoQuant. While the pullback has trimmed around 11% off the recent bottom, the overall sentiment remains positive as indicated in CryptoQuant’s Weekly Crypto Report.
According to the report shared with Bitcoin Magazine, the current market conditions suggest a potential for further gains. Julio Moreno, Head of Research at CryptoQuant, views the recent bounce as a bear-market recovery rather than a trend reversal. However, he points out that the Bull Score Index, which aggregates on-chain, market, and valuation conditions on a scale of 0 to 100, currently sits at 20. This places it in the bearish zone below 40 and short of the 60 reading associated with a sustainable bull market.
One of the bullish factors highlighted in the report is seasonality. Historically, July has been a strong month for Bitcoin, with the cryptocurrency closing higher in most years. This trend has held even during down-cycles, such as in 2018 and 2022 when Bitcoin saw gains of around 20% and 17% in July, despite overall market weakness. Given the current market conditions, the report suggests that near-term risks skew towards gains as Bitcoin enters July 2026 off a bear-market low.
The report also discusses the changing demand dynamics for Bitcoin. Total demand, including spot and perpetual futures, saw a significant decline in early June but has since recovered towards neutral territory. Speculative futures demand has turned positive, while spot selling has slowed down. The report indicates that a return to positive territory would confirm a resurgence in demand for Bitcoin.
In addition, U.S. buyers are showing signs of stabilizing, with the Coinbase Premium Index, a gauge of U.S. spot demand, tracking Bitcoin’s price movement and pointing to increased institutional interest. Valuation metrics, such as the on-chain trader unrealized profit/loss margin, have also improved, indicating a potential floor for prices.
Despite today’s slight pullback to $62,000, CryptoQuant remains cautiously optimistic about the market outlook. While the internals of the market have improved, a sustainable rally would require the Bull Score Index to climb above 60. Until then, the firm views the current movement as a recovery within a bear market rather than a full reversal.
