Bitcoin Price Rally Faces Test as US Spot Demand Remains Elusive

Bitcoin's price has been rising, but one signal expected from the US market hasn't materialized yet. According to CryptoQuant's analysis on October 2, even a new high may not be enough to sustain the rally if US spot demand fails to join the move.

CryptoQuant's data shows that while demand contraction is easing rapidly, with an improvement of approximately 81,000 BTC in one week, the US spot market is not providing equally strong confirmation. The 30-day apparent demand indicator rose from minus 182,000 BTC on September 24 to minus 101,000 BTC on October 1.

The Coinbase Premium Index, which measures spot buying pressure from US investors, remains in negative territory. This indicates that the expected buying support from the US has yet to arrive.