Bitcoin’s Rebound Fades as Spot Buying Fails to Offset

Bitcoin's price struggles at $76,800 as weak demand and futures liquidations weigh heavily. Here's why traders are cautious. Bitcoin is currently facing significant selling pressure, with recent observations indicating a decline in demand. According to a recent tweet from CryptoQuant, the price has settled around $76,800, primarily due to long liquidations and insufficient spot buying to counteract futures selling. This scenario raises concerns among traders about the market’s stability as they monitor potential further declines. The current market context shows Bitcoin grappling with substantial volatility, driven by a combination of weak demand and ongoing liquidation events.