Bitcoin’s price swung last week, briefly topping $79,000 before sliding to about $75,500 at the end of April. Early May has brought a rebound, with BTC trading near $78,000, but on-chain signals suggest demand remains too weak to support a sustained rally across Bitcoin and the broader crypto market.
CryptoQuant analyst Darkfost wrote in a Quicktake that, despite a more than 30% gain from cycle lows, there’s no convincing shift in the underlying price regime. The analyst focuses on the Apparent Demand metric, which compares newly mined BTC to coins that haven’t moved in more than a year. Although the metric has improved from an early-April low near -89,000 BTC, the 30-day sum still sits negative at roughly -44,700 BTC.
Darkfost cautions that the only recent positive spike, seen at the end of February, was not true buying demand but a sharp drop in issuance caused by reduced mining activity—mainly weather-related disruptions in the U.S. The analyst argues that meaningful, lasting price recovery requires genuine increases in market appetite. Historically, BTC price moves have tracked shifts in Apparent Demand, so investors should look for the metric to turn consistently positive as confirmation that demand is strong enough to sustain higher prices.
At the time of writing, BTC is about $78,334, up just over 2% in the past 24 hours. The gradual improvement in Apparent Demand is encouraging, but until the indicator moves decisively into positive territory, the durability of the recent recovery remains uncertain.