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Slowing Bitcoin Demand Raises Alarms
Bitcoin’s once-strong upward momentum is showing signs of fatigue. After soaring toward an all-time high near $112,000 in May 2025, its price action has since cooled. According to a June 19 report by CryptoQuant’s Head of Research Julio Moreno, several on-chain indicators point toward a sharp decline in demand, which could pave the way for a deeper correction — possibly toward the $92,000 level.
The slowdown in accumulation is particularly evident when looking at apparent demand growth over the past 30 days. In late May, the growth figure hovered around 228,000 BTC. Today, that number has plummeted to 118,000 BTC — nearly a 50% drop. The steep fall highlights waning appetite from key investor classes, including whales and institutional buyers like U.S.-listed exchange-traded funds (ETFs), both of which have slashed their Bitcoin purchases in half.
Short-term holders, often viewed as the pulse of retail sentiment, have also exited en masse. Since May 27, over 800,000 BTC have been sold off by these traders. This withdrawal is a strong signal of fading enthusiasm and a lack of new participation entering the market.
Trading Behavior Shifts Bearish
Adding to the concern is the change in trader behavior observed in the derivatives market. After failing to hold above the critical $110,000 resistance level, Bitcoin saw a wave of profit-taking. Futures markets reflected this shift, with traders increasingly opening short positions, anticipating further price declines.
CryptoQuant’s proprietary Traders’ Behavior Dominance metric revealed a sharp rise in short interest, as more market participants took a defensive stance. This metric, which tracks the balance of long versus short positions, supports the view that bearish sentiment is gaining traction, particularly in the absence of bullish catalysts.
Julio Moreno’s analysis suggests the market is in a state of cautious balance — there is no significant profit-taking or panic selling yet, but also no fresh wave of strong demand to push prices higher. This neutral position is precarious; without renewed accumulation, the market remains vulnerable to more downside pressure.
Market Metrics Signal Weakness
Another CryptoQuant analyst known as Darkfost echoed Moreno’s sentiment, emphasizing that the biggest threat to Bitcoin right now is not aggressive selling but rather stagnating demand. Despite the recent price drop, realized profits remain relatively modest — less than $1 billion — indicating that most long-term holders are still in the green and aren’t rushing to sell.
Bitcoin currently trades near $104,707, marking a 6.5% decline from its May 22 peak of $111,814. Over the past week, the price has hovered between $103,645 and $108,771, suggesting consolidation but with a bearish tilt.
On the technical side, Bitcoin is trading just below its 20-day Bollinger Band midline at $105,854. This midline now acts as near-term resistance, along with a stronger resistance zone around $108,000. The narrowing Bollinger Bands also indicate decreasing volatility, while the Relative Strength Index (RSI) sits at 47.75 — a neutral reading that reflects the lack of clear momentum in either direction.
What Lies Ahead for Bitcoin?
The $101,000 level has emerged as the immediate support zone. If Bitcoin fails to hold above this level, the next significant cushion lies at $92,000, which corresponds to the Traders’ On-chain Realized Price — a key level observed by CryptoQuant.
This $92K support is not arbitrary. Historically, realized price levels often act as strong psychological and technical floors during bearish phases. If tested, this zone could trigger accumulation from long-term believers and institutional players, preventing a full-blown crash.
However, the bullish case is not entirely off the table. A strong breakout above $108,000 — preferably accompanied by a surge in trading volume — could signal renewed interest and send Bitcoin retesting the $111,814 peak. For this scenario to unfold, market sentiment must shift significantly, with fresh capital flowing into Bitcoin from both retail and institutional players.
Without this influx, however, the prevailing trend is likely to remain bearish to sideways, especially given the current macro backdrop and declining demand data.
Conclusion: Neutral but Fragile Market
The recent data from CryptoQuant paints a picture of a market in flux. Demand for Bitcoin has softened dramatically, institutional buying has tapered off, and short-term traders are heading for the exits. While there’s no immediate panic, the lack of new demand poses a serious challenge for the next leg of the rally.
Unless we see a dramatic reversal in accumulation trends and a technical breakout above resistance levels, Bitcoin is at risk of revisiting lower price zones — $101,000 in the short term and potentially $92,000 if the bearish indicators continue to build.
Investors and traders should keep a close eye on on-chain metrics, ETF inflows, and short-term holder activity in the coming days. These will be the key signals in determining whether Bitcoin can recover or if it’s gearing up for a deeper correction.
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