BTC May Slide Further as Futures Fuel Fades
Visit this link and make consistent profit in Binance futures trading, receive free bitcoin trading signals for the best automated trades – https://telegram.me/binancefuturesignal Futures drove up Bitcoin's price in April while spot demand declined, which CryptoQuant warned has historically preceded extended price declines. Bitcoin could be setting up for a multimonth price decline, after a rally in April driven mainly by futures traders while spot demand declined. Bitcoin gained around 20% in April, rising from $66,000 to a peak of $79,000 in a rally “driven entirely by growth in perpetual futures demand,” CryptoQuant said in a report on Thursday. Meanwhile, spot demand for Bitcoin contracted throughout the rally, “indicating that the market’s marginal buyer was speculative, not fundamental,” it said. “The divergence between rising price and contracting spot demand is one of the clearest on-chain signals that price gains are speculative rather than structural,” CryptoQuant ...