Bitcoin may need to climb back above $65,000 before any real recovery can begin — but getting there seems harder every day. Market analyst Michaël van de Poppe said that breaking past that level could lead to a rally toward $72,000 to $74,000, but the overall demand picture suggests that kind of move is far from certain.
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#Bitcoin is stuck below $65K. Breaking that level could trigger a strong run to $72-74K. The $65K level was support after the crash in early February, but now it’s acting as resistance. If Bitcoin’s price manages to… pic.twitter.com/GOaN7KuT0O — Michaël van de Poppe (@CryptoMichNL) June 9, 2026
Why the Numbers Look Bad Right Now
The combined 30-day growth of spot and perpetual futures demand has dropped to around -650,000 BTC. That level has only been seen three times since 2019. CryptoQuant analyst Moreno pointed out that this shows the market is in one of its weakest demand phases in years, with both regular buying and derivatives exposure declining at the same time. That means fewer buyers are available to absorb any new selling pressure.
Bitcoin has fallen about 3.40% this week alone, following a 14% drop the week before. The monthly loss is now 16%, with prices hovering near $61,000.
Bitcoin Demand Hits a Level Seen Only 3 Times Since 2019
“The current setup 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
What History Actually Shows
The -650,000 BTC demand level hasn’t historically marked a bottom. According to Moreno’s analysis, it tends to signal the start of a tough period rather than the end of one. The first time it happened was in December 2019, when Bitcoin was trading near $6,500 and demand was already weakening before the COVID-19 market crash. Demand hit extreme lows before prices collapsed further in March 2020, eventually bottoming near $3,800.
The second time was in January 2022, when Bitcoin had already fallen from its then-record high of $69,000 to around $32,951. Demand recovered in the following weeks, and prices bounced back into March — but the recovery didn’t last. Bitcoin kept falling and didn’t hit its bear-market low of about $15,500 until November 2022, nearly 10 months later.
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The Difficult Phase Ahead
Moreno believes the current situation looks more like the start of a final cleansing phase than a confirmed turning point. He expects a period of high volatility before the market settles into a long stretch of sideways trading with low activity. That kind of stagnation, he argues, may be harder on investors than the price drop itself.
Van de Poppe, for his part, called the recent selloff largely irrational, though he acknowledged that Bitcoin remains stuck below the $65,000 level that used to be support and has now become resistance.
Featured image from Pexels, chart from TradingView
Frequently Asked Questions
Here is a list of FAQs about the idea that the Bitcoin rally has a problem because demand is starting to fade written in a natural tone with clear answers
BeginnerLevel Questions
1 What does it mean when people say demand is starting to fade for Bitcoin
It means fewer new buyers are entering the market or that existing holders are less eager to buy more When demand slows down its harder for the price to keep going up
2 Why is fading demand a problem for a Bitcoin rally
A rally needs constant buying pressure If demand fades there arent enough buyers to push the price higher so the rally can stall or even reverse into a price drop
3 How can you tell if demand for Bitcoin is fading
You can look at things like lower trading volume a drop in Google searches for Bitcoin or less activity on crypto exchanges and apps Also if news is positive but the price doesnt go up thats a warning sign
4 Is fading demand the same as a crash
Not exactly Fading demand is a slowdown in buying interest It can lead to a slow decline or a sideways market A crash is a sudden sharp drop often caused by panic selling Fading demand is more like the engine sputtering not the car exploding
5 Does this mean I should sell my Bitcoin right now
Not necessarily Fading demand is just one indicator It doesnt mean the price will definitely crash Many factors affect Bitcoins price Its a signal to be cautious and do your own research not a command to sell
AdvancedLevel Questions
6 What specific onchain metrics indicate fading demand
Key metrics include a drop in the Exchange InflowOutflow Ratio a declining Active Address Count and a flattening or decreasing Realized Cap
7 How does fading demand relate to the halving cycle and market psychology
Often demand peaks during the