Bitcoin’s recent price recovery is being undermined by weakening demand, pointing to a fragile foundation beneath the rally.

CryptoQuant data shows the 30-day apparent demand metric has slipped to -147,000 BTC — its lowest level since December 2025 — even as bitcoin continues to trade in the mid-$70,000 range after rebounding from April lows near $65,000.

This indicator measures the balance between supply entering the market — including newly mined coins and older bitcoin being reactivated — and the level of demand absorbing that supply. A negative reading signals that selling pressure is outpacing buying interest, which is currently the case.

Despite the sharp recovery from April’s downturn, the rally has not been supported by strong spot market participation. Earlier in the month, demand conditions had improved significantly, with the metric climbing from around -91,000 BTC to nearly -11,000 BTC, suggesting near equilibrium. However, the recent drop back into deeply negative territory indicates that this recovery in demand has not held.

The data suggests that derivatives activity has played a major role in driving prices higher. Rallies led by futures markets are often less stable, as leveraged positions can unwind quickly when sentiment shifts. In contrast, sustained spot buying tends to provide stronger and more durable support.

While the current demand weakness does not guarantee an immediate decline, it leaves bitcoin increasingly dependent on fresh inflows to maintain upward momentum. Without renewed spot demand, the rally may struggle to extend further.

Attention now turns to the $70,000 level, which CryptoQuant identifies as the short-term holder realized price. This zone represents a key threshold where recent buyers’ unrealized gains diminish, potentially reducing selling pressure but also limiting the strength of any continued advance unless demand improves.