Bitcoin demand recovers, but lacks confirmation of bull market

Bitcoin demand is gradually recovering, but the increase is insufficient to confirm the onset of a full bull market, according to on-chain analyst Julio Moreno. The apparent demand indicator for Bitcoin has recently turned positive, and the pace of demand contraction since May and June has continued to narrow, indicating a gradual improvement in the market's supply-demand imbalance. However, Moreno noted that current demand strength is comparable to the limited rebound seen in 2024 and remains far from the robust, sustained demand growth observed during the major rallies in late 2024 and 2025. At this stage, the market seems to be in a stabilization phase where demand declines have halted, rather than experiencing a broad-based expansion in demand. Stronger inflows are still necessary to support a sustained price increase. BTC was trading at 77230 dollars on CoinMarketCap at the time of writing.

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