On-chain analyst Julio Moreno pointed out that while Bitcoin demand is gradually recovering, a strong expansion in demand sufficient to confirm entry into a full-fledged bull market has not yet appeared. He analyzed, "Recent nominal Bitcoin demand indicators have turned positive again, and the pace of demand reduction since May-June has continuously narrowed. This is a sign that the market's supply and demand imbalance is gradually improving. However, the current demand strength is similar to the level that resulted in only a limited rebound in 2024. It is far from the strong and sustained demand growth seen in major uptrends in late 2024 and 2025. Currently, it is closer to a phase where the decline in demand has stopped and stabilized, rather than a full-scale expansion of demand. Stronger demand must flow in for sustained price increases." BTC is currently trading at $77,230 according to CoinMarketCap.
