Is Bitcoin’s Recovery Built on Shaky Ground? On-Chain Data Raises Red Flags

TLDR: Bitcoin was rejected near the $82,400 200DMA, mirroring the March 2022 pattern that preceded a prolonged price downtrend. CryptoQuant’s Bull Score Index fell from 40 to 20, returning to extremely bearish levels last seen in early 2026. The Coinbase Premium stayed negative throughout the rally, pointing to weak U.S. institutional and retail spot demand. [...]

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