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Bitcoin rallies to $79,500 driven by futures demand amid spot selling and whale caution.

Market News
23 Apr 2026
Blockonomi
View Source
Bearish
pluang ai news

Bitcoin price surged from $66,000 to nearly $79,500, primarily fueled by strong demand in perpetual futures markets despite net selling in the spot market over the past month. Retail traders increased leveraged long positions, while whale accounts positioned for a potential correction, historically outperforming retail in similar scenarios. Technical analysis shows Bitcoin trading within a bearish flag pattern since February, with key support at $70,000. Analysts warn that if leveraged futures traders reduce exposure, Bitcoin could face a sharp correction, as spot demand remains weak despite some ETF inflows.

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