Bitcoin fell under $62,000 on Thursday, down 1.5%, as on-chain demand metrics flashed their weakest reading in years. The 30-day combined growth of spot and perpetual futures demand collapsed to -650,000 BTC — a level hit just three times since 2019. The drop extends a brutal month: Bitcoin has shed 8% this week following a 14% decline last week, putting monthly losses at 24%.
Demand signal rarely seen
The -650,000 BTC reading on the combined demand metric points to aggressive selling pressure across both spot and derivative markets. When that number has turned that negative in the past, it preceded sharp volatility. Right now, the 200-week simple moving average near $62,800 is acting as immediate overhead resistance. A sustained hold above that level could lead to consolidation; a clean break below opens the door to a retest of $60,000.
The $65,000 wall
Market analyst Michaël van de Poppe said Bitcoin is “stalling beneath $65K” and needs a clean break above that level to trigger a run toward $72,000–$74,000. That didn’t happen this week. Instead, several oscillators moved into overbought territory on shorter timeframes, while moving averages on higher timeframes remain in buy mode. It’s a contradiction that typically resolves with a volatility spike — the question is which direction.
Bitcoin Hyper raises $33M in presale
While Bitcoin’s price action struggles, the ecosystem saw a fresh capital infusion. Bitcoin Hyper ($HYPER), a Bitcoin Layer 2 with Solana Virtual Machine (SVM) integration, raised nearly $33 million in presale at $0.0136 per token. Staking on the platform offers a high APY, part of the pitch to draw liquidity into the L2. The raise comes at a time when Bitcoin-native projects are trying to capture use cases traditionally dominated by Ethereum and Solana.
What to watch next
With the 200-week SMA acting as resistance and demand metrics in rare territory, the next few days will show whether Bitcoin can hold $62,000 or slides toward $60,000. The contradictory oscillator signals on different timeframes add uncertainty. For Bitcoin Hyper, the presale money is done — now comes the test of whether the SVM-based L2 can deliver on its staking yields and attract real users.
