Bitcoin Rises Above $66,000 but Remains 50% Below 2025 High as On-Chain Demand Stays Weak
Coinbase CEO Brian Armstrong said his instinct is that bitcoin likely bottomed around $60,000. The token has risen nearly 3% in the past 24 hours.
techjuice.pkU.S. and Iran reached a deal to reopen the Strait of Hormuz. Coinbase chief executive Brian Armstrong said his instinct is that bitcoin has probably bottomed around $60,000.
He added that nobody can say for sure. Armstrong stated he remains long bitcoin and expects prices to be higher by 2030. He called bitcoin the new digital gold. The token touched a low near $59,743 on June 5, its weakest level since October 2024.
Bitcoin is now roughly 50% below its October 2025 all-time high near $126,000. Armstrong pointed to bitcoin's four-year halving cycle, which has historically alternated between bull and bear markets at roughly regular intervals. He wrote on June 5 that derivatives, stablecoins, and prediction markets are all up.
On-chain analysis firm CryptoQuant said bitcoin's realized price is about $53,600. The firm noted that demand conditions remain deeply negative and ETF flows have not yet stabilized.
