Bitcoin has stalled at $77,900 after failing to clear its 200-day moving average near $82,400 — the line traders treat as the dividing point between a bear-market bounce and a genuine recovery. CryptoQuant's latest report pins the failure squarely on demand: the three pillars that drove the April-May rally — leveraged futures buying, spot demand, and U.S. ETF inflows — have all rolled over simultaneously.
The firm's Bull Score Index has collapsed from 40 to 20, a reading CryptoQuant labels "extremely bearish" and one that mirrors the February-March window when BTC ranged between $60,000 and $66,000. The Coinbase bitcoin premium has stayed negative through much of the rally and the correction, signalling that U.S. investors are not paying up for spot exposure.
The ETF data confirms the picture. U.S. spot bitcoin ETFs shed roughly $979.7 million in the week ended May 19, following…
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