There would be conditions of weakness, overvaluation or selling pressure on BTC.
“Without macroeconomic liquidity, we enter a bearish cycle,” says CEO of CryptoQuant.
After several months of price gains, bitcoin (BTC) is entering a phase in which on-chain data is beginning to show signs of exhaustion.
The combined reading of multiple metrics suggests that bullish momentum is losing steam, while conditions historically associated with market tops or corrections increase.
The chart below, provided by analytics company CryptoQuant, illustrates this situation through a heat map where large areas in red predominate.
Each red segment represents times when the indicators on-chain and technicians detect negative signals. Whether due to overvaluation, structural weakness or selling pressure.
Among the most relevant metrics, MVRV’s Z-score remains elevated, indicating a market valuation above its fundamentals. The win-loss ratio shows a loss-dominated environment. While the bullish-bearish cycle indicator It is leaning towards a period of sales dominance.
Likewise, the pulse of flow between exchanges reveals net outflows of bitcoin towards trading platforms, associated with sales pressureand the network activity index indicates lower usage demand.
Liquidity in stablecoins, a key thermometer of available purchasing power, continues to decline, accompanied by negative growth in bitcoin demand and a profit margin on-chain down.
«We are entering a bearish cycle»
In this context, CryptoQuant CEO Ki Young Ju warned that “without macroeconomic liquidity, we enter a bearish cycle.”
This coincides with the vision of Argentine technical analyst Agustín Natoli, who told CriptoNoticias that bitcoin is on the verge of a bear market.
However, for other specialists, such as businessman Anthony Pompliano, there is no bear market in development. He believes that the price of BTC could lateralize in the range of USD 86,000 and USD 90,000, “and then begin to rise in the coming weeks.”
In any case, with the majority of chain signals aligning downwards, the market faces a scenario in which the possibility of correction increases progressively.