Following resistance at the 80,000 USD level, demand for Bitcoin (BTC) has dropped sharply in recent days. Analysts suggest that BTC's failure to hold key support levels could lead to a prolonged period of price consolidation. This is reported by Cointelegraph.com .
Due to geopolitical and macroeconomic uncertainties, traders and investors are adopting risk-averse strategies. As a result, demand for Bitcoin has fallen to its lowest level since mid-January. According to Capriole Investment, the Bitcoin Apparent Demand metric has remained in negative territory since December, recently dropping to -3,138 BTC.
In its weekly report, CryptoQuant highlighted that overall demand for Bitcoin has entered a contraction phase. Spot market activity has also weakened in recent weeks. Glassnode analysts noted that the cumulative volume delta (CVD) across all exchanges remains negative, linked to the price returning to the 70,000 USD range.
Meanwhile, spot ETFs in the US have also turned into net sellers. The 30-day change in ETF holdings has hit its lowest level in three months, indicating a decline in aggressive spot demand at current price peaks. Experts conclude that the simultaneous deterioration of spot demand and ETF inflows has historically been more indicative of price weakness than stabilization.
Bitcoin's price had risen by 38% from a macro low of 60,000 USD to 82,800 USD. Currently, the market average is forming around 78,300 USD, and the dynamics in the coming weeks will depend on this level.
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