Bitcoin's market structure is showing signs of weakness as spot sellers are actively offloading coins while the perpetual futures market remains stubbornly bullish, a divergence that could precede a price correction from its current levels.
"This is a classic bear signal," said a senior analyst at CryptoQuant in a note. "When spot markets lead the price down while derivatives traders keep adding leverage, it often ends in a cascade of long liquidations. The open interest is high, but the foundation is shaky."
The divergence is highlighted by a consistent negative reading in the spot-perps delta, indicating that while spot traders are selling, futures traders continue to build long positions, pushing the open interest to over $1.5 billion on major exchanges. This suggests that the current price is being propped up by leverage rather than genuine demand.
Should this trend continue, the market is at risk of a significant downturn. If spot selling pressure overwhelms the leveraged longs, it could trigger a wave of forced liquidations, rapidly driving the price of Bitcoin down. The next key support level to watch is around the $62,000 mark, a level that could be tested if the divergence is not resolved in favor of the bulls.
This article is for informational purposes only and does not constitute investment advice.
