Bitcoin Faces Downside Pressure as Spot Demand Fails to Support Price

Bitcoin is struggling to maintain its current price range due to weak demand in the spot market and slowing buying interest in the futures market, according to an analysis by CryptoQuant contributor Darkfost. In a recent post on X, formerly Twitter, Darkfost noted that spot demand for Bitcoin has fallen by 145,000 BTC over the past 30 days, while futures demand has only increased by 74,500 BTC.

This decline in spot market demand could lead to greater downside pressure for Bitcoin, as it may not be able to hold its current price of $77,218 on CoinMarketCap. As of 3:06 p.m., the price had dropped 1.51% from a day earlier.