According to onchain analytics firm CryptoQuant, Bitcoin’s approximately 20% price surge in April—from around $66,000 to as high as $79,000—was driven by speculative perpetual futures demand rather than fundamental spot buying, increasing correction risk.
CryptoQuant’s head of research, Julio Moreno, noted that perpetual futures demand was the sole driver of the rally while spot apparent demand remained negative throughout April. This divergence, with rising futures positioning alongside contracting spot demand, historically precedes unsustained price gains. The firm’s Bull Score Index declined from 50 to 40 in April, returning to bearish territory, suggesting onchain fundamentals deteriorated after the speculative rally. Bitcoin was trading around $78,500 as of early May.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Breaks $79,000, Up 1.14% in 24 Hours
According to ChainCatcher, Bitcoin (BTC) broke $79,000 on Gate's trading platform, with the BTC/USDT pair gaining 1.14% over the past 24 hours.
GateNews10m ago
BTC breaks through 79,000 USDT
Gate News bot message, Gate market data shows BTC breaks through 79,000 USDT, current price is 79,000 USDT.
CryptoRadar12m ago
Bitcoin Rises Nearly 3% in 24 Hours, Aims for $80,000 as Stocks Rally
Bitcoin rose nearly 3% over the past 24 hours as equity markets rallied and oil prices declined amid growing optimism over Iran developments.
GateNews3h ago
Bitcoin Liquidation Levels: $643M in Short Liquidations if BTC Breaks $81,711
According to Coinglass data, if Bitcoin breaks through $81,711, accumulated short position liquidations on major centralized exchanges will reach $643 million. Conversely, if BTC drops below $74,751, accumulated long position liquidations on major CEX will reach $643 million.
GateNews3h ago
Bitcoin Surges Above $78,000 as Senate Advances Stablecoin Legislation
Bitcoin recovered from a midweek dip to $75,500 to climb back above $78,000 by Saturday morning in Asia, according to market data. The recovery coincided with the Senate's passage of a stablecoin yield compromise, which removed a key roadblock to crypto market structure
CryptoFrontier3h ago
