Hey guys recent CryptoQuant data suggests Bitcoin may still be navigating a broader bear phase. While BTC is trading near $75K, about 40% below its $126K peak in October 2025, several cycle indicators have yet to reach levels historically associated with major bottoms.
Metrics like MVRV are not in deep undervaluation territory, and NUPL remains above past capitulation zones. Long-term holders appear to be distributing closer to breakeven rather than locking in heavy losses, which differs from prior cycle lows. U.S. spot ETFs have also shifted toward net selling this year, creating a noticeable demand gap.
That said, markets often bottom when sentiment feels most uncertain. Whether this is a consolidation phase or a setup for deeper downside remains to be seen.
Traders are watching price structure and on-chain data closely across platforms like BingX as the cycle develops.
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#BTC Price Analysis# #Macro Insights
BTC
67,725.24
+1.22%
ETH
1,967.13
+1.49%