Bitcoin cycle indicators suggest the correction may not be over.

Huoxing Finance reports that on November 5, CryptoQuant certified analyst CryptoZeno analyzed that the current market structure of Bitcoin indicates cooling cycle momentum, but no extreme signals typically seen near major historical turning points have emerged yet. The 30-day moving average of the Bitcoin Cycle Extremes Index has declined to 15.8%, placing it in the "Watch / Mild Pressure" range. Currently, BTC price is down approximately 46% from its previous all-time high, yet the index remains far below levels indicative of active or extreme phases. The Cycle Extreme Oscillator also shows cautious signals, with its 30-day moving average near the historical lower bound and clearly below the 1.0 threshold. During prior active market phases in early 2021 and between 2024 and 2025, this indicator rose significantly—no similar increase has occurred yet. Bitcoin is currently closer to a period of consolidation and low activity rather than a confirmed cycle bottom. Low indicator readings do not imply that selling pressure has been exhausted; further consolidation or even a new decline remains possible. Future attention should focus on whether the Cycle Extremes Index can sustainably rebound into the "Active Phase," and whether the Oscillator recovers in tandem. Until these signals materialize, the cooling of cycle momentum should not be mistaken for a trend reversal.