Bitcoin’s August advance from around $62,000 to above $80,000 raised expectations that July’s roughly $58,000 low had marked the market-cycle bottom, but a subsequent decline has reopened that debate. On-chain analyst Willy Woo said HODL Waves data showed limited investor buying during the July sell-off, raising the possibility that a single large holder accounted for much of the activity. When Bitcoin fell to about $57,800 on July 1, the share of supply inactive for one to seven days was 1.97%, rising to 2.35% on July 5. Woo said the muted response differed from previous major dips, when investors bought more aggressively, and that Bitcoin’s later price action will determine whether the July level becomes a durable base. Bitcoin’s apparent demand indicator has returned to positive territory, and the supply-demand imbalance has gradually improved, but CryptoQuant Research Director Julio Moreno said the recovery remains closer to stabilization than a broad-based expansion. Current demand resembles the limited rebound seen in 2024 and remains below the stronger, sustained demand recorded during major rallies in late 2024 and 2025. Moreno said stronger capital inflows are needed to confirm a new bull market. BTC was trading at $77,230 on CoinMarketCap at the time of writing.