<div id="readability-page-1"><div><ul><li>Bitcoin is trading near $77,900 after failing to break above its 200-day moving average around $82,400, a level analysts see as a key test between a bear-market bounce and a sustained recovery.</li><li>CryptoQuant says demand drivers behind the recent rally—leveraged futures buying, spot demand and U.S. spot bitcoin ETF inflows—have all weakened, with its Bull Score Index dropping to an “extremely bearish” reading of 20.</li><li>U.S. spot bitcoin ETFs have seen roughly $2 billion in outflows over the past two weeks and key demand gauges in the U.S., Korea and Hong Kong are soft, leaving $70,000 as the next major on-chain support level if the correction deepens.</li></ul></div></div>

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<p>Bitcoin is currently trading at $77,900 after failing to surpass its 200-day moving average of $82,400. Analysts view this as a critical point for market recovery. Demand indicators have weakened, with a significant drop in U.S. spot bitcoin ETF inflows and a Bull Score Index reading of 20, indicating extreme bearishness. Approximately $2 billion has exited U.S. spot bitcoin ETFs in the last two weeks, with $70,000 identified as the next major support level if the decline continues.</p>

- Bitcoin is currently trading around $77,900 after struggling to surpass its crucial 200-day moving average of $82,400.  
- Analysts at CryptoQuant note that the demand drivers for the recent rally have weakened, evidenced by the Bull Score Index dropping to a concerning level of 20.  
- U.S. spot bitcoin ETFs have experienced approximately $2 billion in outflows in the past two weeks, with $70,000 identified as the next major support level if corrections continue.

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Here's why bitcoin turned lower from the 200-day average