The 70k defense line needs to be held, or else I’ll really start to panic.

CryptoQuant indicates that Bitcoin retreated after touching the 200-day moving average resistance, with a trend very similar to March 2022, having rebounded 43% before declining again. After breaking above $80k, perpetual speculative demand rapidly contracted, and spot demand decreased even faster, with US spot ETFs turning into weekly net sellers. The three major demand indicators simultaneously reversed, removing the foundation that supported the rebound in April and May. US investor demand is absent, Coinbase premium is negative, and the bull market score has dropped to 20. If the correction continues, $70,000 will become a key support level.