Here's why bitcoin turned lower from the 200-day average
Bitcoin has recently declined after failing to surpass its 200-day moving average, which is seen as a critical indicator for market trends. Analysts from CryptoQuant attribute this downturn to weakened demand from leveraged futures, spot buying, and U.S. ETF inflows. If the correction continues, the next significant support level is identified at $70,000.
- ▪Bitcoin is currently trading around $77,900 after failing to break above $82,400.
- ▪CryptoQuant's Bull Score Index has dropped to an 'extremely bearish' reading of 20.
- ▪U.S. spot bitcoin ETFs have experienced approximately $2 billion in outflows over the last two weeks.
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| Original publisher | CoinDesk |
| Canonical URL | https://www.coindesk.com/markets/2026/05/21/bitcoin-s-rebound-has-a-buyer-problem-as-etf-coinbase-and-korea-demand-fade |
| Publication time | Thu, 21 May 2026 04:52:32 +0000 |
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MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailHere's why bitcoin turned lower from the 200-day averageBTC recently turned lower from the 200-day average, a barometer of long-term trends. CryptoQuant explains why. By Sam Reynolds|Edited by Omkar Godbole May 21, 2026, 4:52 a.m. 2 min readMake preferred on (Anthony Maw/Unsplash)What to know: 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.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.U.S.
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