Bitcoin stuck in a zone of weakness: buyer demand has plummeted to an all-time low
The first cryptocurrency continues to experience significant pressure, struggling to hold near the $59,000 mark. At the time of analysis, BTC is trading at $59,300, having lost nearly 6% over the past week. Buyers are extremely cautious, and the market as a whole shows signs of a deep correction.
Major altcoins are also in the "red zone." Ethereum has fallen to $1,500, losing the second spot in market capitalization to the stablecoin USDT. This rare event underscores the scale of the flight from risk.
Fundamental indicators are sounding the alarm
A key metric confirming the weakness is the visible demand for Bitcoin. From November 9, 2025, to May 31, 2026 — 208 consecutive days — this indicator never entered positive territory. In June, it hit an all-time low, reaching -273,000 BTC.
Negative visible demand means that old coins are entering circulation faster than the spot market can absorb them. This is a classic sign of seller pressure outpacing new capital inflows, creating strong resistance for the price.
The situation is exacerbated by outflows from spot Bitcoin ETFs. The negative streak in funds continues for the seventh consecutive week, with rare and insignificant daily inflows. Institutional investors are clearly in no hurry to increase their positions.
Technical picture: risk of further decline
Short-term Bitcoin holders continue to realize losses. The price has not allowed this category of investors to turn a profit for an extended period. As analysts note, this situation is typical of a bear market — the bottom will likely form only after realized losses begin to decline.
Meanwhile, Bitcoin is entering oversold territory on the daily RSI chart. The last three times the coin repeated this pattern, the price corrected by 15-30%. If history repeats itself, the next support level could be the $54,000 zone.
My comment: The market is in a phase of "capitulation" by short-term speculators. Until we see a sustained recovery in visible demand and a halt to ETF outflows, any rally will be a "bull trap." Forming a bottom is a process, not an event, and current data suggests it is far from complete.