CryptoQuant: Bitcoin may rebound to $71,500-$81,200 in the short term, but demand remains deeply contracted.

On-chain analytics firm CryptoQuant stated that Bitcoin demand remains in a "deep contraction" phase, with apparent demand decreasing by approximately 63,000 BTC in the 30 days leading up to the end of March, indicating that selling pressure still outweighs buying pressure. Although both ETFs and Michael Saylor's Strategy increased their buying, it was insufficient to alleviate overall pressure. ETFs saw 30-day buying of approximately 50,000 BTC, the highest since October 2025; Strategy's 30-day cumulative buying remained around 44,000 BTC. CryptoQuant pointed out that large holders ("whales" with 1,000–10,000 BTC) have turned net sellers, reducing their holdings by 188,000 BTC over the past year, confirming continued structural selling pressure. Mid-sized holders (the "dolphins" with 100–1,000 BTC) are still accumulating, but at a significantly slower pace, dropping from nearly 1 million BTC in October 2025 to 429,000 BTC. Furthermore, demand from US investors has weakened recently, with the Coinbase premium mostly negative, indicating that retail investors have not yet entered the market on a large scale. CryptoQuant suggests that if the macroeconomic environment improves, especially with a de-escalation of the US-Iran conflict, Bitcoin could rebound in the short term to the $71,500–$81,200 range, with $71,500 as initial resistance and $81,200 as the upper limit of the bear market rebound. (The Block)