Bitcoin Demand Recovers from -500,000 BTC to -75,000 BTC... 'Aiming for $70,000'

▲ Bitcoin (BTC)

Bitcoin (BTC) 30-day cumulative demand recovered from minus 500,000 BTC to minus 75,000 BTC in just 7 days, showing the strongest rebound signal this year. However, the last hurdle to breaking through $70,000 is still spot buying.

According to crypto media outlet U.Today on July 9 (local time), Bitcoin is struggling to maintain a stable close above $63,000. However, CryptoQuant data showed that market demand recorded one of the biggest recoveries this year, indicating a resurgence of upward momentum after the recent rally.

Bitcoin's 30-day cumulative demand sharply recovered from approximately minus 500,000 BTC to minus 75,000 BTC over the past week. This is the strongest demand rebound this year after months of extreme caution, with renewed interest from futures investors identified as a key driver.

Futures demand jumped from approximately minus 295,000 BTC to slightly above the neutral line during the same period. This signals that leveraged investors are increasing their confidence in the short-term outlook and rebuilding positions. U.Today reported that the recovery in demand could help the rally break current resistance and reclaim $70,000.

The problem lies in the spot market. Spot demand remains at approximately minus 78,000 BTC, indicating that long-term investors and institutions are still cautious. The fact that the recent demand rebound relies heavily on speculative trading rather than new capital inflows was also cited as a burden for breaking through $70,000.

In the past, strong and sustained Bitcoin rallies occurred when both futures and spot demand increased together. Currently, futures demand has surpassed the neutral line, but spot demand remains negative, indicating a persistent gap between the two markets.

[Article Key Summary]

-Bitcoin's 30-day cumulative demand recovered from minus 500,000 BTC to minus 75,000 BTC in 7 days.

-Futures demand rebounded from minus 295,000 BTC to slightly above the neutral line.

-Spot demand remained at approximately minus 78,000 BTC, identified as a burden for breaking through $70,000.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*