Bitcoin traded near $62,000 today, giving up part of the recovery that carried it to $64,000 from last week’s bear market low of $57,700. A pullback holds the price above $60,000 level Which Cryptoquant It is treated as support, although it reduces the recovery by about 11% from the bottom.
This decline came in the weekly cryptocurrency report issued by CryptoQuant, which was published today and shared with… Bitcoin MagazineHe said that the background is tilted towards achieving more gains. Head of research Julio Moreno portrayed the rebound as a bear market rebound rather than a trend reversal, with one central caveat: The company’s bullish score index, which is the sum of chain and market conditions and rating on a scale of 0 to 100, lies at 20, within bearish territory at or below 40 and below the 60 reading associated with Sustainable bull market.
The bullish case of the report depends on seasonality. Over the past decade, July has ranked among the strongest months for Bitcoin, closing higher in most years shown.
Style held in Cycles down In 2018 and 2022, when Bitcoin rose between 20% and 17% during the month as the broader trend remained weak. As July 2026 enters from the bottom of a bear market, this pattern skews near-term risks toward gains, the report said.
Demand for Bitcoin is shifting
Demand has shifted. The 30-day change in aggregate demand – the spot price plus perpetual futures – collapsed to around -650,000 BTC in early June, the deepest negative reading since 2022, as BTC fell towards $58,000.
It has since rebounded toward neutral, with demand for speculative futures crossing into positive territory and spot selling falling to its slowest pace since mid-May. The report said that a return to positive territory would confirm the reigniting of the demand engine.
US buyers are showing signs of stabilization. The Coinbase Premium Index, a proxy for U.S. spot demand, fell below zero in early June as bitcoin bottomed near $57,000, one of its weakest readings of the year.
The premium remains below zero, although its trajectory follows Bitcoin’s rise from the bottom and indicates a firmer institutional appetite.
Evaluation added floor. The cross-chain trader’s unrealized profit/loss margin, for coins held for one to three months, fell to less than -24% in early June, below the -12% threshold that the company treats as undervalued. Readings at such extreme levels tend to mark local bottoms as holders capitulate in the short term, the report said, and margin rebounded as the price bounced back from $57,700.
Today’s drop to $62,000 confirms the report’s hedging level. CryptoQuant reads the market as up from the lows, with internal conditions improving but bearish system intact.
It concluded that a lasting rally would require the Bull Score to rise above 60. Until then, the company is treating the move as a rebound within a bear market, not a reversal — the framing of this week’s pullback doesn’t challenge much.
