Bitcoin: Futures Drive Rally as Spot Demand Stays Negative

Bitcoin is futures-driven right now as open interest rises while on-chain spot demand remains net negative, requiring both spot and futures demand for a sustainable rally according to Ki Young Ju. Futures-led moves without spot support faded in April and risk repeating without fresh on-chain buying.

At $63853.14 price sits below the EMA50 resistance at $64356.2 inside a bearish structure with MACD death cross at -252.98, pointing to a likely test of lower Bollinger support near $63287.55 before any continuation attempt amid Bitcoin futures vs spot demand historical rallies and Bitcoin open interest on-chain demand April fade concerns.