07/17/2026. Bitcoin continues to lack structurally positive demand. BTC demand has remained in negative territory since January 13. Since then, this weakness has been accompanied by a progressive contraction in blockchain activity and a sustained loss of buying momentum. When the metric turned negative, Bitcoin was trading near $92,567. Currently, with the price around $64,832, the market has experienced an approximate 30% correction. The most significant point is not merely the price decline, but that it has occurred while Demand Momentum continued to deteriorate. As of July 15, the metric recorded approximately −706,000 BTC, while its 30-day moving average remains even lower, near −747,000 BTC. Although the indicator has begun to recover from its June lows, it remains clearly in negative territory. This means there has not yet been sufficient demand recovery to confirm a structural trend reversal. Continually falling prices alongside persistently weak demand are characteristic features of a bear market. For a solid recovery to be declared, a mere short-term price rebound would not suffice. A sustained improvement in demand, a recovery of its moving average, and ultimately the return of the metric to positive territory—among other factors—would be required. Source: CryptoQuant By Carmelo Alemán On-Chain Analyst | Verified CryptoQuant #Bitcoin