Bitcoin April rally powered by perpetuals, CryptoQuant don turn bearish
CryptoQuant dey talk say Bitcoin April rally dey feel “too speculative” because na demand for perpetual futures mainly dey drive am, no be spot demand. Bitcoin climb about 20% (from around $66,000 go near $79,000), while visible spot “demand” reportedly still dey fall.
Report dey highlight futures-vs-spot imbalance: perpetual funding/position demand rise as spot buying weak. Historically, this kind divergence don dey come before fragile, futures-led tops and fit lead to downside when leveraged positions dem unwind.
CryptoQuant also flag say their Bull/Bear Index shift bearish, drop from 50 to 40 during April. Dem argue say for bull move wey go last, spot demand must turn up together with new highs; otherwise reclaiming $79,000 area fit face resistance.
As of press time, Bitcoin dey reported above $80,000 (+2.5% in 24 hours), but the data point to higher correction risk, make traders tighten risk management.
Bearish
CryptoQuant main tori na say Bitcoin strong for April no get backing from spot demand. Di rally come as perpetual/funding positioning dey rise and visible spot “demand” dey shrink, combo wey historically mean unstable top wey futures dey drive. Di latest update confirm this say Bitcoin dey above $80,000 but di bearish change for CryptoQuant Bull/Bear Index (50→40) show say underlying condition still fragile.
For traders, dis one mean higher chance for short-term pullbacks (risk say leveraged positions go unwind) and higher chance for bigger correction before any proper trend reversal. Make e more bullish, spot demand must start accelerate again along with more price strength; if not, attempts to take back di $79,000 area fit fail.