Bitcoin's $82K May Rally Setup Is Back, but One Key Ingredient Is Missing: AnalystKey TakeawaysBitcoin demand growth has returned to positive territory, with demand at roughly 25,000 BTC, resembling conditions before May's move toward $82,000. Derivatives are increasingly driving the recovery, while analysts warn that spot demand remains too weak to confirm a sustainable rally. Bitcoin longs have reached a record 361,000 BTC, worth about $23.4 billion, creating both upside momentum and growing liquidation risk. Bitcoin is beginning to recreate the market structure that preceded its May rally toward $82,000, but analysts warn that the latest setup is missing one crucial ingredient: strong spot demand. CryptoQuant data shared by an analyst shows that Bitcoin's 30-day demand growth has returned to positive territory, with demand at approximately 25,000 BTC.