Bitcoin (BTC) has slid sharply over the past week, retracing nearly 7% and wiping out the upside that built after last week\u2019s Senate Banking Committee markup of the CLARITY Act. That legislative momentum helped push BTC above the $82,000 area, but the coin is now changing hands around $76,700.<\/p>\n
Glassnode\u2019s latest read on the situation points to a clear deterioration in short-term market behavior. The firm says the Bitcoin selling pressure has intensified, with Spot CVD falling by 848.7%.\u00a0<\/p>\n
At the same time, spot volume is up about 4.2%, suggesting that more coins are moving through the market. Glassnode interprets <\/a>this as rising activity that may not necessarily reflect a bullish mindset, but rather traders responding more aggressively to price volatility and hedging or repositioning.\u00a0<\/p>\n Futures Open Interest also dropped 2.9%, which usually signals that traders are not as enthusiastic about adding leverage during uncertain conditions. However, Glassnode also notes that Long-Side Funding Payments have jumped 136.6%, a sign that demand for long Bitcoin exposure has reappeared.\u00a0<\/p>\n That bullish signal is not staying dominant for long, though. The firm highlights a steep 278.7% decline in Perpetual CVD<\/a>, which points to strong sell-side pressure still showing up in the perpetual market, where downside control can quickly affect broader sentiment.<\/p>\n Sentiment from traditional finance has also softened. Glassnode points to a 6.1% drop in US Spot Bitcoin ETF MVRV, alongside a sharp deterioration in ETF net flows, implying weaker conviction from institutional players.\u00a0<\/p>\n Beyond sentiment, Glassnode\u00a0noted that long-term holder dominance continues to build, while NUPL and the Realized Profit-to-Loss Ratio<\/a> have weakened sharply. Those shifts typically align with fading optimism\u2014less \u201ceuphoria,\u201d more defensive behavior as traders reassess risk after the pullback.<\/p>\n Putting those signals together, Glassnode\u2019s conclusion is that the Bitcoin market structure is beginning to soften. Momentum, spot demand, and speculative positioning are all described as weakening across the board.\u00a0<\/p>\n Adding to the bearish backdrop surrounding the cryptocurrency\u2019s outlook, analyst Kabuki has argued <\/a>on X (formerly Twitter) that Bitcoin is still operating within a \u201cBear Cycle,\u201d despite the partial recovery seen since the start of the year after brief periods of relief.\u00a0<\/p>\n Kabuki\u2019s analysis suggests that another bearish phase could unfold over the next few weeks, and he has highlighted specific targets for the cryptocurrency. He points to $71,000 \u201cin days,\u201d and then a much lower target of $42,000<\/a> in June, which could translate to a further 45% decline in BTC\u2019s price from current trading levels.<\/p>\n Featured image created with OpenArt, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) has slid sharply over the past week, retracing nearly 7% and wiping out the upside that built after last week\u2019s Senate Banking Committee markup of the CLARITY Act. That legislative momentum helped push BTC above the $82,000 area, but the coin is now changing hands around $76,700. The Bitcoin Pullback Glassnode\u2019s latest read […]<\/p>\n","protected":false},"author":0,"featured_media":167627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-167626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/167626"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=167626"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/167626\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/167627"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=167626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=167626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=167626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bear Cycle Targets<\/h2>\n