Bitcoin flashes bearish signals as price slides – Bottom or deeper correction?
- Bitcoin fell 8.55% in a week as its cycle signals turned bearish.
- A 284,000 BTC demand drop has marked local bottoms before, CryptoQuant said.
- US buyers stay away, and stablecoin supply fell $14.2 billion in 30 days.
Bitcoin (BTC) price has slid 8.55% over the past week, trading at $73,752, per BeInCrypto Markets. An AI stock sell-off and rising rate-hike bets hit risk assets, and crypto has yet to recover.
The slide has also set off a run of bearish signals across the market. Whether they mark a bottom or the first leg of a deeper Bitcoin correction is still an open question.
Why some data points to a Bitcoin bottom
CryptoQuant traced the slide to profit-taking, a hawkish Federal Reserve (Fed), the Binance hack, and the midterms. Hotter-than-expected October inflation data on November 10 then deepened the drop.
Still, some of this data has marked bottoms before.
CryptoQuant’s Bitcoin Bull Score has dropped to 0 from 90 on October 13. Its last comparable collapse came in April 2025. The score hit 20 then and recovered to 80 within two months as the market bottomed.
Today’s reading, however, sits below that April low.
Apparent demand also fell by 284,000 BTC in 30 days. Drops this large marked local bottoms in March 2025 and June to July 2026, the firm said.
Glassnode said the slide cleared most nearby long liquidation levels. Since November 5, buy orders near price on Binance and Coinbase have outweighed sell orders every hour.
Open interest returned to its September level as price fell. Glassnode said that suggests new shorts, which a rebound would force to buy back.
Why the slide could run deeper
Demand is where the bottom case weakens.
- US buyers are holding back. CryptoQuant’s Coinbase Premium Index has been negative for 30 days. Glassnode shows the deepest discount since February.
- Fresh cash is leaving. Stablecoin supply fell $14.2 billion in 30 days, the fastest drop since June 2022, per Glassnode.
- Recent buyers sit at a loss. Only about 35% of short-term holder coins are in profit, and CryptoQuant’s trader margin is at −6%.
- Sentiment has soured. CryptoQuant’s Analyst Consensus Index fell to −1.8σ in 7 days, and crowd sentiment has also turned bearish.
Where the two cases meet
Bitcoin sits between the lines that could decide which case wins.
Above the Bitcoin price sit Glassnode’s short-term holder cost basis at $75,600 and CryptoQuant’s 365-day average at $76,400.
CryptoQuant said Bitcoin must reclaim the 365-day line to restore the bullish setup. Below, the focus shifts to the 200-day moving average.
“Until then, the 200-day moving average at $73.2K is the level that separates a shallow correction from a deeper one,” the report read.
Glassnode marks a floor just under that line at $73,000. A sustained break below it would point to a longer consolidation. A close below the June low of $58,500 would undo the trend reversal that began in August, the firm said.
Author
BeInCrypto
BeInCrypto
Since 2018, BeInCrypto has grown into a leading global crypto news platform. Through our award-winning journalism and close ties with industry leaders, we deliver trusted insights into Web3, AI, and digital assets.
