Bitcoin’s Latest Breakout Attempt Could Falter Due to Fading US Demand

$BTC is currently testing the $79,510 resistance level within a rising channel that has characterized its movement since late February. While the technical setup appears bullish on the surface as price nears the $80,000 psychological milestone, several underlying on-chain signals suggest that this momentum may be fragile. Analysts point to a significant bearish divergence, where $BTC is achieving higher highs in price while the Relative Strength Index (RSI) is failing to keep pace, indicating that the fundamental buying pressure is weakening relative to price action.

A primary concern for bulls is the steady decline in the Coinbase Premium Index, a key proxy for institutional demand in the United States. Despite the recent price appreciation, this index has dropped from 0.038 on April 22 to 0.020 as of April 27, suggesting that American buyers are stepping back. Historical patterns from mid-April show that a similar decoupling between rising prices and falling premium led to sharp corrections, as the market eventually adjusted to the lack of actual spot demand from major US-based players.

Furthermore, the "fuel" required for a short squeeze—which can often force a breakout despite weak buying—has significantly diminished. Open Interest has fallen to $32.89 billion, and the funding rate has shifted from highly negative to nearly neutral, meaning there are far fewer short positions left to be squeezed. Unless Bitcoin can secure a clean 8-hour candle close above $79,510 to invalidate these bearish signals, the risk of a retracement toward the $76,074 support zone, or even as low as $70,512, remains high.

#WCTCTradingKingPK #比特币Breaks79K #IranProposesHormuzStraitReopeningTerms