Bitcoin has recently struggled to maintain its position above the 200-day moving average, currently trading around $77,900 after failing to break through the critical resistance level of $82,400. Analysts from CryptoQuant highlight that the demand factors that supported the April and early May rally—leveraged futures buying, spot demand, and inflows from U.S. spot bitcoin exchange-traded funds (ETFs)—have all diminished. The firm's Bull Score Index has sharply declined from 40 to 20, indicating a shift to an 'extremely bearish' outlook. This decline in demand is underscored by substantial outflows from U.S. spot bitcoin ETFs, totaling nearly $2 billion over the past two weeks. Additionally, the Coinbase bitcoin premium has remained negative, suggesting weak U.S. investor interest. The Korea's kimchi premium has also dropped below zero, reflecting a lack of demand on Korean exchanges. If the current correction continues, analysts anticipate that $70,000 will serve as the next significant on-chain support level, which traders will need to monitor closely to gauge market stability.