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Bitcoin slips from bull rally as spot demand contracts

CryptoQuant estimates apparent spot demand fell by about 170,000 BTC over the past 30 days, while ETF flows also turned less supportive.

Reported · Written up by our desk · Market Structure

CryptoSlate reports that Bitcoin’s rally that pushed the price to an eight-month high near $87,400 is starting to show signs of weakening momentum. The outlet says CryptoQuant previously tied the move to a long-term technical threshold and that a Bull Score Index reading rose to 90 out of 100.

Still, CryptoSlate reports that the demand versus profit-taking balance is shifting. It cites CryptoQuant’s estimate that apparent spot demand contracted by about 170,000 BTC over the past 30 days.

CryptoSlate also points to US exchange-traded fund flows moving in the same direction as weaker cash-market buying. The article says the broader uptrend is not breaking yet, with Bitcoin still above several long-term support levels, but the market could face its first meaningful test since the bullish breakout.

Latest closeBitcoin $83,816.65 ▲0.2%

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