Bitcoin stuck in a zone of weakness: buyer demand has fallen to a minimum
The first cryptocurrency is showing signs of structural weakness, struggling to hold near the $59,000 mark. Buyers are extremely cautious, as confirmed by key on-chain indicators.
At the time of analysis, Bitcoin is trading at $59,300. Over the past week, the asset has lost nearly 6%. The rest of the crypto market is also under pressure: major altcoins are in the red, and Ethereum has dropped to $1,500, losing the second spot in market capitalization to the stablecoin USDT.
Accumulation stalled for seven months
Technical analyst Ali Martinez has recorded an alarming signal: Bitcoin accumulation has stalled for 208 consecutive days — from November 9, 2025, to May 31, 2026, visible demand for BTC never showed positive values. In June, the indicator reached a new low of -273,000 BTC.
"Negative visible demand means that a significant volume of old supply is entering circulation faster than the spot market can absorb it. This mismatch indicates selling pressure that outpaces new capital inflows, creating strong resistance for the price," Martinez explained.
The situation is exacerbated by outflows from spot ETFs. The negative streak in Bitcoin funds continues for the seventh consecutive week, with rare minor daily inflows.
Short-term holders at a loss, RSI signals risk
Analysts at Alphractal emphasize that short-term Bitcoin holders continue to realize losses. The price has not allowed this category of investors to "break even" for an extended period. In their view, this situation is typical of a bear market — once realized losses begin to decline, Bitcoin is likely to form a bottom.
Meanwhile, Bitcoin has started entering oversold territory on the daily RSI chart. Analyst under the pseudonym Ardi notes that the last three times the coin repeated this pattern, the price corrected by 15–30%. We are now on the verge of re-entering this zone.
Recall that on June 24, Bitcoin already dropped to $59,000 amid a rise in the US Dollar Index (DXY).
My conclusion: The current market configuration indicates a high probability of further decline. Until we see sustained growth in visible demand and a reduction in ETF outflows, any recovery will be temporary. The key support zone is $54,000, and that is likely where a local bottom will form.