CryptoQuant: Bitcoin bottom may be around $53600, demand remains significantly weak Odaily Planet Daily News: CryptoQuant has stated that Bitcoin may form a bottom around $53600, which is the current realized price of Bitcoin, the average on chain cost basis for all market participants. The report points out that in major bear market cycles, Bitcoin typically bottoms out near or slightly below its realization price. Currently, Bitcoin had previously fallen to a bear market low of around $59000, only about 9% from achieving a price of $53600, before rebounding to around $62150. However, CryptoQuant emphasizes that the demand environment for Bitcoin is still "extremely unfavorable", and a true bull market recovery requires a significant rebound in demand, which has not yet been shown by on chain data.