Bitcoin's Apparent Demand Turns Negative Amid Price Struggle

Bitcoin's ($BTC) price continued to struggle on Wednesday, dropping to a local low of $76,400 before rebounding to above $77,000. The decline in value comes as the asset's apparent demand indicator turns negative again, according to data from CryptoQuant.

The apparent demand metric measures the difference between newly mined issuance and changes in inactive supply. A positive reading indicates active spot demand, while a negative reading suggests coins are aging into dormancy faster than miners issue them.

Bitcoin's ($BTC) price has been stuck under a cluster of resistance, as previously reported. The global bond market also experienced a slight easing, with the US 10-year yield briefly dipping below 4.8%. However, Asian equities suffered steep declines, driven by soaring oil prices and further profit-taking in the AI sector.

The USD/JPY pair saw significant inorganic price action at 13:00 UTC, sparking speculation of another central bank intervention. While no official announcement has been made, commentators widely attributed the move to a Bank of Japan (BOJ) effort to defend the psychological 160 level.