Bitcoin spot demand weakens as buying pressure falters, increasing market vulnerability.

CryptoQuant’s 30-day apparent demand indicator is negative, showing that buyers have failed to absorb existing supply, leaving the market vulnerable. Although Bitcoin has rebounded to the $75,000 range since February, on-chain data reveals that apparent demand has fallen to its lowest level since December 2025, with selling pressure exceeding buying absorption. This rally has relied more on futures than spot demand, and the persistent negative Coinbase Premium suggests leveraged positions may be subject to rapid liquidation. Without new spot demand, $70,000—acting as the practical price range for short-term traders—could become the critical level where recent buyers’ paper gains vanish, reducing the incentive to take profits.