Bitcoin's apparent demand has fallen to its lowest level in 30 days, with long-term investors capitulating as of April 6. According to CryptoQuant, the Bitcoin Apparent Demand (30-day sum) dropped to approximately -87,592.6 BTC, a significant decline from -15,099 BTC on March 5. This indicates an increase in supply-side pressure as long-term holders reactivate dormant coins. Despite the drop in apparent demand, Bitcoin's price rose 3.54% in the past 24 hours, reaching $69,230. The price increase is attributed to a surge in Bitcoin Open Interest (OI), which grew from $21.12 billion to $22.82 billion over three days. However, analysts warn that the rally, driven by leverage, may be vulnerable to sharp reversals if spot demand does not recover, posing a risk of rapid deleveraging.