BTC Demand Rebounds, But Can Bitcoin Overcome $72K Resistance?

Bitcoin's demand is showing signs of recovery after plummeting in recent weeks. According to CryptoQuant, the 30-day demand for Bitcoin has turned positive near 25,000 $BTC, reversing from deeply negative levels seen around June. This indicates that capital is returning to the market, but it's still not as high as during previous recovery periods.

The trend suggests that derivatives are driving the current buying activity, with Futures demand providing initial momentum for traders to rebuild leveraged exposure and respond to improving prices. However, previous rallies became more sustainable when spot buying expanded alongside Futures activity.

To turn this early rebound into sustained buying pressure, Bitcoin needs stronger spot participation. The market now faces a critical resistance zone around $65,000-$67,000, where recent buyers' cost basis aligns with the 1-3 month realized price. This area has historically constrained recovery attempts, and overcoming it will require new spot buyers to absorb the overhead supply.