Bitcoin's Bull Score Hits 90, But Weak Demand Raises Questions
Bitcoin's Bull Score has reached an impressive 90 out of 100 after breaking above its 365-day moving average, but demand for the asset is weakening. According to CryptoQuant, spot demand has contracted by roughly 170,000 BTC over the past 30 days, while futures demand growth fell about 90% in 15 days.
The decline in demand raises questions about whether Bitcoin has enough buying support to resume its move higher. Despite this, the Bull Score remains close to the maximum score, indicating that most conditions for a bullish market regime are still intact.
Recent price action has cooled since BTC reached its recent high of $87,400. The asset briefly moved above $87,000 before sellers pushed it back toward $84,000, and resistance around $85,000 to $85,800 subsequently limited another move higher.