TechFlow News, July 20, according to monitoring by on-chain analysis platform CryptoQuant analyst ScenarioX, Bitcoin 30-day spot demand deteriorated again to nearly -170,000 BTC after briefly rebounding to approximately -80,000 BTC in early July. Although spot demand has declined significantly, supported by eased short-term selling pressure and short covering in the derivatives market, the BTC price currently remains relatively stable.
ScenarioX pointed out that current derivatives demand is insufficient to support a sustained rally alone, and the overall market structure is relatively fragile. If spot selling pressure reignites, it may trigger a sharp decline; if spot selling remains sluggish, derivatives-driven technical rebounds may continue, but in the absence of substantial spot demand support, such rebounds will most likely end with large-scale long liquidations.
