On-chain data suggests Bitcoin's selling pressure is easing, with cooling holder losses hinting at a potential higher low forming. However, sluggish spot demand continues to weigh on the market, leaving the asset unable to reclaim its first major recovery threshold near $69,000. Analysts note that without a meaningful pickup in buying activity, the current setup keeps downside risk elevated. Should support fail to hold, the price could face a decline of roughly 18%, pushing Bitcoin toward $52,900. The mixed signals highlight a market caught between diminishing seller conviction and insufficient fresh capital inflows. Traders are watching whether demand recovers enough to confirm a durable bottom or whether continued weakness triggers a deeper correction. The outlook remains cautious as Bitcoin struggles to establish clear directional momentum in the near term.
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