Bitcoin's April rally driven by futures, not spot buying, signals fragile price support like 2022 bear market start.

Bitcoin's 20% price rally in April 2026, rising from $66,000 to $79,000, was fueled entirely by demand in perpetual futures contracts while actual spot buying declined. This pattern, identified by Cryptoquant researchers, mirrors the demand structure seen at the onset of the 2022 bear market, indicating speculative price gains without strong underlying support. The Cryptoquant Bull Score fell from 50 to 40 during April, signaling weakening market fundamentals and a shift back to bearish conditions. Without renewed spot demand, the rally risks a pullback as futures positions unwind, making the $79,000 resistance level vulnerable to rejection in the near term.