Bitcoin's market vulnerability has increased as spot demand weakens, according to CryptoQuant's 30-day apparent demand indicator, which has turned negative. Despite Bitcoin's rebound to the $75,000 range since February, on-chain data indicates that apparent demand has dropped to its lowest level since December 2025, with selling pressure surpassing buying absorption. The recent rally has been driven more by futures than spot demand, with a persistent negative Coinbase Premium suggesting that leveraged positions could face rapid liquidation. Without renewed spot demand, the $70,000 level may become critical, as it represents the practical price range for short-term traders, potentially erasing recent buyers' paper gains and reducing profit-taking incentives.