According to CryptoQuant, Bitcoin’s 20% April rally—rising from around $66,000 to as high as $79,000—was driven primarily by perpetual futures demand while spot demand remained negative throughout the period. The onchain analytics firm said this divergence mirrors patterns historically associated with unsustained price gains. CryptoQuant’s Bull Score Index declined from 50 to 40 in April, returning to bearish territory, suggesting the market lacks structural support for sustained breakouts. Bitcoin is currently trading at around $78,500.
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