The price of bitcoin (BTC) has shown signs of weakness in recent days, returning to below the $90,000 mark.
Although the digital currency has maintained a long-term growth trend and its price reached new all-time highs this year, 2025 is leaving investors to be desired.
Ki Young Ju, founder of CryptoQuant, believe recently the analyst consensus index—based on 246 specialists and processed with artificial intelligence. He himself says that The market demonstrates “the most bearish sentiment ever seen in this bull cycle.”
This is seen in the following graph:
The above raises doubts about the possibility that 2026 marks the beginning of a new bearish cycle for BTC and digital assets, or whether bullish momentum can resume. The thing is, expectations of a bullish “supercycle” in 2025 were not what many investors expected.
Bitcoin price momentum deteriorates
Consistent with the analyst consensus index, analytics firm Glassnode highlights that BTC price momentum has deteriorated, with the 14-day Relative Strength Index (RSI) retreating into neutral territory. This lack of strength coincides with a high pressure scenario for short-term holders (STH).
Likewise, the CryptoQuant analyst known as IT Tech, states that STHs are currently operating at losses, which generates an “overload” in the market.
This implies that any attempt at price recovery is usually slowed down by immediate sales by those seeking to exit the market without major losses. It, maintaining downward pressure in the short term.
Beyond, beneath the surface of the price, the internal behavior of the market sends warning signals. The exchange flow pulse (IFP), which measures the circulation of capital between exchanges, is currently in red territory. A report from the firm Xwin Finance collected by CriptoNoticias highlights that this slowdown represents an “underlying structural risk.”