- Bitcoin demand slows, accumulation drops by nearly 50% in June.
- Short-term holders shed 800K BTC; whales & ETFs reduce exposure.
- Market sentiment neutral as Fed policy and global tensions cloud outlook.
Bitcoin’s post-ATH rally has hit a wall, with on-chain data from CryptoQuant showing a marked decline in accumulation by whales and ETFs. In May, net demand surged to 228,000 BTC — now it’s down to 118,000 BTC.
Global uncertainty is further shaking confidence. Investors remain on the sidelines due to mounting tension between Israel and Iran and the Federal Reserve’s hawkish tone. A narrowing Bollinger Band and RSI near neutral territory reflect indecision.
Bitcoin on the Brink: Will Weak Demand and Global Uncertainty Trigger a $92K Drop
Bitcoin is struggling to maintain momentum after reaching an all-time high of $111,814 in May. It currently trades around $104,707, with resistance at $108,000 and a support range forming near $103,000. The asset is hovering just below the 20-day Bollinger Band midline, a sign that traders are unsure of the next major move.
Futures market activity reveals a tactical shift. With BTC unable to sustain gains above $110K, traders have increasingly opened short positions, locking in profits from the previous surge. The “Traders’ Behavior Dominance” metric by CryptoQuant suggests bearish sentiment is growing quietly but steadily.
Notably, long-term holders are beginning to see opportunity. As short-term investors sell at a loss, seasoned investors may be preparing to accumulate at discounted prices. This transition phase could support the market, but it requires new demand to reverse the trend decisively.
Meanwhile, external pressures are compounding Bitcoin’s uncertainty. Geopolitical risk, particularly the Israel-Iran standoff, and indecision surrounding the Fed’s interest rate policy have left investors in limbo. Without renewed confidence or clarity, Bitcoin’s support levels could erode further.
Bitcoin’s fate hinges on a rebound in demand and a reduction in global uncertainty. Until either materializes, the path of least resistance may continue downward.
“Markets are driven by demand, not just belief. When demand stalls, even Bitcoin needs a break.” – Julio Moreno, Head of Research at CryptoQuant
