The real participation of capital is not expanding, explains de Vicente. There are signs of fragility in bitcoin’s price structure. The price of bitcoin falls this May 27, 2026 at the time of this publication below $75,000. As can be seen in the following image, the digital currency threatens to return to levels that seemed to have been left behind, after recent price increases:
Bitcoin price chart since January 1, 2026. Source: TradingView. Just yesterday, May 26, Spanish analyst Ignacio Moreno de Vicente had warned of a “dangerous divergence” in bitcoin (BTC), detecting that the market’s speculative optimism continued to grow while real demand weakened. “As BTC loses momentum following its latest rally attempt, derivatives traders on Binance are becoming increasingly bullish again, even as aggressive spot market demand continues to deteriorate,” Moreno de Vicente explained. For the specialist, This combination was creating “a fragile structure beneath the surface of the BTC price.” Their analysis was accompanied by a chart showing the price of BTC, funding rates, and taker buy volume on Binance, which is the world’s largest cryptocurrency exchange by trading volume.
Bitcoin price along with funding rates (green line) along with purchase volume (blue line) on Binance. Source: CryptoQuant. In the image above, the top part shows the price of bitcoin using daily candlesticks. The green line in the center chart represents the funding rates of Binance, a payment mechanism between traders within the perpetual futures market. When these rates are positive, it means that leveraged bullish positions predominate. For its part, the lower blue line shows the volume of aggressive purchases executed directly at the market price. That is, it reflects how much capital is willing to immediately buy BTC without waiting for better prices. According to Moreno de Vicente, this is where the worrying divergence appeared. While Funding rates were rising (indicating increased speculative optimism and bullish leverage), aggressive buying volume continued to fall.
“The volume of aggressive purchases has been in a downward trend for months, marking increasingly lower highs and lows while the price tried to recover,” he explained. For the analyst, this means that “fewer and fewer traders are willing to aggressively buy the market.” He added: “When rates rise while volume weakens, the market becomes increasingly reliant on leverage rather than organic spot demand.” According to Moreno de Vicente, Historically, these types of structures are usually unstable.
Willy Woo observed a more stable scenario
Moreno’s reading of Vicente partially contrasts with the vision of analyst and trader Willy Woo. As BitcoinDynamic has reported, the specialist, who months ago warned about a possible fall of bitcoin towards $45,000, this week—more precisely on May 24—mentioned signs of greater structural stability. According to Woo, the structure of the bitcoin market was “in good condition” and “liquidity remains neutral.” At the same time, the specialist explained that some short-term indicators linked to the momentum and pace of the market “are cooling,” something that makes it difficult an immediate continuation of the increases, although they could not yet confirm a clearly bearish scenario.
“The ghost” of bitcoin wakes up at USD 45,000
As BitcoinDynamic has reported, recently the idea that bitcoin could fall to the area of approximately $45,000 gained strength again. Woo himself in February 2026 said that this would be a typical bear market low for the digital currency. For his part, the trader who identifies himself as ‘No Limit Gains’ thinks that a fall towards USD 45,000 would be “the reset that prepares the next massive run”, so this movement would be positive, thinking about the long term. Regarding these expectations, financial analyst Rajat Soni has commented that, personally, he does not believe that bitcoin will reach such prices «ever again», but, even if it did, it would be an excellent opportunity «to accumulate as many sats as possible.»
