An analysis suggests that BTC is losing its additional upward momentum. On-chain analyst X-win Japan Research stated in a CryptoQuant contribution, "BTC sharply rebounded after its April low, briefly recovering to $82,000, but on-chain data indicates that this rise was driven more by speculative demand in the futures market than by actual spot buying. One of the most significant signals is that BTC encountered resistance near its 200-day moving average, around $82,400. This is similar to the pattern observed in March 2022. At that time, BTC also faced resistance in the same range after a strong rebound, then transitioned back into a downtrend." It continued, "BTC demand has contracted. This is because long position liquidations occurred above the $80,000 mark, sharply weakening futures-driven buying pressure. Simultaneously, the growth in spot demand has also slowed. BTC spot ETFs, which recorded large net inflows earlier this month, have also seen consecutive net outflows. If the correction continues, the $70,000 range will be a key support level."
