Bitcoin on the brink: weak demand and a bearish RSI signal point to a possible bottom
The first cryptocurrency continues to show alarming signals, struggling to stay near the $59,000 mark. Buying activity remains extremely low, as confirmed by both technical indicators and fundamental data. At the moment, Bitcoin is trading around $59,300, losing nearly 6% over the past week. Altcoins are also under pressure: Ethereum has fallen to $1,500, losing the second place in market capitalization to the stablecoin USDT.
One of the key factors exacerbating the situation is the ongoing outflow of funds from spot Bitcoin ETFs. The negative streak has been going on for seven consecutive weeks, with rare and insignificant daily inflows. This indicates that institutional investors are not yet ready to actively increase their positions, creating additional pressure on the market.
Accumulation has stalled: seven months without demand
Technical analyst Ali Martinez highlights a critical indicator — visible demand for Bitcoin has remained negative for 208 consecutive days, from November 9, 2025, to May 31, 2026. In June, this indicator reached a new low of -273,000 BTC. Martinez explains that negative demand means the volume of old supply is entering circulation faster than the spot market can absorb it. This creates strong resistance for the price and indicates seller dominance.
The situation is worsened by the fact that short-term Bitcoin holders continue to realize losses. According to Alphractal analysts, the price has not allowed this category of investors to "turn a profit" for an extended period, which is typical of a bear market. Once realized losses begin to decline, Bitcoin will likely form a bottom.
RSI signals a possible correction
At the same time, Bitcoin's daily RSI chart is entering oversold territory. Analyst under the pseudonym Ardi notes that the last three times the coin repeated this pattern, the price corrected by 15-30%. This means that in the near future, we could see a move toward $50,000–$54,000 if the current trend persists.
My professional view: the current situation resembles a prolonged consolidation phase characteristic of a bear market. The lack of buying demand and ongoing ETF outflows are signals that cannot be ignored. However, it is precisely such periods that often precede a trend reversal, when accumulation occurs unnoticed by the majority. Investors should closely monitor the $54,000 level — its breakdown could either become an entry point for long-term positions or the start of a deeper correction.