Bitcoin slipped to a new low on Friday, dropping below February’s levels and falling as low as $59,073. That was the lowest price since October 2024, according to market data. Analysts quickly labeled the move a “fresh Bitcoin bear market low.” The largest cryptocurrency by market cap has now erased gains from earlier this year and is testing key support levels near $60,000.
The selloff followed a stronger-than-expected U.S. jobs report on Friday. The data pushed bond yields and the U.S. dollar higher, while stocks and crypto assets took a hit. Bitcoin fell roughly 16% over the week. The drop was also tied to a record streak of outflows from Bitcoin exchange-traded funds and what some observers called a break from the coin’s usual bullish narratives.
Demand at Deepest Contraction This Cycle
Julio Moreno, head of research at CryptoQuant, pointed to the downturn on social media. He called the current price level a “fresh Bitcoin bear market low” and noted that demand metrics look grim. According to CryptoQuant, global Bitcoin demand has dropped to its worst level of the current cycle. Total demand is now down by 501,000 BTC. That is the fastest monthly decline since May 2022.
Spot demand alone fell by 272,000 BTC on a 30-day basis. It has been negative for nearly all of 2025 so far. Futures demand also dropped by 229,000 BTC in the same period. The contraction is comparable to the period right after the Terra and Luna collapse in 2022.
What This Means Going Forward
Saturday morning in Asia saw Bitcoin steady around $61,000, down about 1.3% on the day. Some traders think this could be a bottom, but the demand picture suggests caution. A similar demand collapse played out in November 2023 and again in April 2025. In both cases, prices recovered after a period of disinterest. Whether that pattern repeats remains to be seen.
For now, the market seems caught between weak demand, rising rates, and fading ETF inflows. Bitcoin’s next move may depend on whether buyers step back in or if the selling pressure continues. Either way, the price action has been clear: this is the deepest pullback of the cycle.
