Bitcoin Rebound Fails: 3 Reasons BTC Could Handle More Pressure
The price of Bitcoin fell 23% from $81,000 to $62,000 in a matter of days, indicating significant market weakness and poor underlying demand.
Demand indicators show negative trends, with spot demand for 30-day BTC at around 280,000 units and demand for perpetual futures at 82,000 BTC, reflecting a lack of buyers.
Bitcoin miners' transfers to exchanges have risen significantly, raising concerns about potential selling pressure as mining profitability is squeezed amid falling prices.