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CryptoQuant: April’s BTC rise was driven by perpetual futures, warning of correction risk

The study said that in April, the Bitcoin price was driven by perpetual contract long positions, while spot demand remained weak. The increase rose from $66k to $79k, about 20%. The structure resembled the early stage of the 2022 bear market. The study’s head warned that unless spot demand turns positive, it would be difficult to sustainably break above $79k, and the risk of corrections is increasing. The bull market score index fell from 50 to 40, with spot-expressed demand still negative, suggesting that the rally may be driven by leverage rather than new buying pressure.
BTC0.69%
ChainNewsAbmedia·05-07 10:35
CryptoQuant: April’s BTC rise was driven by perpetual futures, warning of correction risk