Bitcoin stalled at the 200-day simple moving average just above $82,000, reversed and pulled back to about $77,500. CryptoQuant attributes the failed breakout to weakening demand across leveraged futures buying, spot buying and U.S. ETF inflows. Its Bull Score Index dropped from 40 to 20 (labeled “extremely bearish”). The Coinbase premium is negative, U.S. spot ETFs had roughly $979.7M of outflows the week ended May 19 (after about $1B outflows the prior week), Korea’s kimchi premium is below zero, and Hong Kong spot ETF volumes are very light. CryptoQuant identifies $70,000 (on-chain realized price) as the next major on-chain support level.

Failed breakout at the 200-day SMA (~$82k) followed by a pullback to ~$77.5k; CryptoQuant reports cooling demand in leveraged futures, spot buying and U.S. ETF inflows; Bull Score fell from 40 to 20; Coinbase premium negative; U.S. spot ETFs saw ~$979.7M outflows the week ended May 19 (after ~ $1B prior week); Korea kimchi premium < 0; HK spot ETF volumes very light; on-chain realized price support at $70,000.