Bitcoin may need to climb back above $65,000 before any meaningful recovery can take hold — but getting there looks harder by the day.
Market analyst Michaël van de Poppe said a break past that level could open the door to a rally The average price of a new car is around $72,000- $74,000, but the demand situation suggests this kind of change will not be guaranteed.
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#Bitcoin It is stuck below $65,000 as a break of that level will trigger a run up to $72-74,000.
After the early February crash, the $65K level was the last level of support. It now acts as resistance for breaking through.
If it happens for Bitcoin’s price to… pic.twitter.com/GOaN7KuT0O
— Michaël van de Poppe (@CryptoMichNL) June 9, 2026
What makes the numbers look ugly?
The growth rate of the 30-day spot and permanent futures combined has decreased to around -650.000 BTC.
CryptoQuant’s Moreno cited the number as an indication that both the regular buying of derivatives and the exposure to them has fallen at the same rate. This means that fewer buyers will be available to absorb new selling pressure.
Bitcoin This week’s price has declined by about 3.40%, following the 14% drop in the previous week. With prices nearing $61,000, the loss for this month is 16%.
Bitcoin demand reaches a level seen only three times since 2019
“The current setup therefore looks less like a confirmed reversal and more like the beginning of a final cleansing phase.” – By @MorenoDV_ pic.twitter.com/Qk0lrzTDky
— CryptoQuant.com (@cryptoquant_com) June 9, 2026
History: What it Actually shows
The demand of -650,000 BTC has never historically been a low. Moreno’s analysisIt has often been the start of a tough stretch, rather than its end.
First, in December of 2019, Bitcoin prices were trading at around $6,500. Demand conditions had already begun to deteriorate before the COVID-19 crash. Demand indicator reached extreme contractions before prices continued to fall in March 2020 and eventually hit a bottom near $3800.
Bitcoin’s price had fallen to $32,951 from $69,000, its previous record. A second incident occurred in January 2022. Demand recovered in the following weeks, and prices rebounded into March — but the recovery did not last.
Bitcoin began to decline again and didn’t reach the bear-market bottom of $15,500 for nearly 10 months, in November 2022.
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A Difficult Phase Ahead
Moreno thinks the current set-up looks like the beginning of the final cleansing phase He believes that a turning point is more likely to be a period of increased volatility than one confirmed. He anticipates an initial period of increased volatility, before the market begins a long stretch of trading in a sideways direction with little participation.
This kind of stasis, according to him, could be more damaging for investors than a price decrease. Van de Poppe for his part called the recent selling largely irrational. He acknowledged Bitcoin still remains below the $65,000 mark that was once support but is now resistance.
Chart from TradingView, Featured Image from Pexels
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Source: www.newsbtc.com
