Bitcoin (CRYPTO: BTC) may be closer to finding its floor, but CryptoQuant Head of Research Julio Moreno warns that on-chain demand has not yet confirmed a durable bottom.
Bitcoin Rejects Key Resistance
Speaking on June 23 at Milk Road Show, Moreno said Bitcoin’s recent rejection near $80,000 was consistent with a bear market rally rather than the start of a new bull phase.
Bitcoin’s move from the low $60,000s to around $80,000 lacked the underlying spot demand needed to sustain a bull-market breakout.
Moreno pointed to the 200-day moving average as a key resistance level that Bitcoin failed to reclaim. Bitcoin has since retested the February lows, briefly trading near $59,000.
