Bitcoin's price surged from $66,000 to $79,000 in April 2026, primarily driven by demand for perpetual contracts, according to a CryptoQuant report. Despite the price increase, spot demand remained weak, indicating a speculative rally lacking fundamental support. This pattern resembles the early stages of the 2022 bear market, suggesting potential downside risks. Bitcoin has since retreated to approximately $75,000, with CryptoQuant's bull-bear indicator dropping from 50 to 40, signaling a shift back into bearish territory.