Bitcoin, the largest cryptocurrency in terms of market value, fell to the lowest level since October 2024 due to harsh sales pressure on the last trading day of the week. The price dropped to $59,073 on Friday. Thus, below the $60,062 level in February was tested.
Selling pressure increased after US data
It was reported that the strong employment data announced in the USA was effective in the decline. Following the data, the expectation that interest rates would remain high for a longer time gained strength in the markets. While this outlook pushed US bond yields and the dollar index up, it also put pressure on crypto assets along with stocks.
Bitcoin stabilized around $61,000 in Asian trading on Saturday after a sharp pullback on Friday. The asset traded at a negative rate of approximately 1.3% on a daily basis, and the weekly loss reached 16%. In the same period, funds that repeatedly exited Bitcoin ETFs were among the factors that increased the pressure on the price.
The sharpest contraction of this cycle was observed in demand
Julio Moreno, head of the research unit of on-chain data provider CryptoQuant, evaluated the latest move as “a new low indicating a bear market in Bitcoin.” According to Moreno, the current pullback marks the deepest contraction of this market cycle.
Julio Moreno, head of CryptoQuant research unit, stated that the price movement corresponds to the sharpest contraction in this cycle and a new bear level has been formed in the market.
According to CryptoQuant data, global Bitcoin demand has fallen to the weakest level of the current cycle, which started after the previous bear market. While total demand fell to minus 501,000 BTC, it was noted that this was the deepest contraction in the cycle so far. The data indicated that the thaw in demand was progressing at a similar pace to the period after the Terra and Luna collapse.
Mini dictionary: On-chain data refers to market indicators generated from transaction and balance movements on the blockchain. Spot demand represents direct buying appetite; Futures demand reflects positioning in derivative markets.
According to the same data set, total Bitcoin demand, which includes speculative and spot transactions, decreased by 501,000 BTC in the last month. This stood out as the fastest monthly decline since May 22, 2022. While spot demand alone decreased by 272,000 BTC on a 30-day scale, futures demand also decreased by 229,000 BTC.
Similarities are established with past periods
Analysts reminded that a similar outlook emerged in November 2023 and April 2025. Market participants are now closely monitoring this phase, especially when interest is weakening. Because, as in the previous examples, periods of low interest can sometimes pave the way for a change in direction.
CryptoQuant data showed that spot and futures demand weakened simultaneously, while the total contraction fell to the lowest level in this cycle at minus 501,000 BTC.
