Although Bitcoin (BTC) price rebounded on July 9 amid an erosion of the TACO (Trump always chickens out) trade’s edge, the risk of a Bitcoin price crash remains palpable within the crypto community.
Over the past 30 days, Bitcoin price has been trapped in horizontal consolidation around $62,750 amid a tug-of-war between spot investors and derivatives traders. As such, Bitcoin price remains in a multi-month bear market, with lower lows and lower highs already confirmed year-to-date (YTD).
BTC price YTD chart. Source: Finbold
The recent BTC price rebound from a crucial support level around $60,000, as Finbold explained, has been fueled by increased demand for its futures market. Notably, BTC’s futures demand has rebounded from around -295,000 BTC to slightly positive territory, per data from CryptoQuant.
BTC spot and perp futures demand growth for 30 days. Source: CryptoQuant.
With spot demand still weak over the past 30 days, the recent BTC price rebound could be seen a
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