ChainCatcher News, according to market reports, the weekly report released by CryptoQuant shows that the Bitcoin market has entered a bear market phase. Here are the main analysis highlights: On-chain indicators show bearish signals: Bitcoin's price reached a high of $126,000 in early October 2025, at that time the bull score index was 80 (bullish). However, after the liquidation event on October 10, the index turned bearish and has now dropped to zero. The current Bitcoin price hovers around $75,000, indicating weak market structure. Institutional demand has significantly declined: The U.S. spot ETF in 2025 bought 46,000 BTC, while in 2026 it net sold 10,600 BTC, with a demand gap of 56,000 BTC compared to last year, continuously adding selling pressure. Weak U.S. spot demand: Despite the price drop, since mid-October 2025, Coinbase's premium has remained negative, showing low participation from U.S. investors. This contrasts sharply with historical bull markets driven by U.S. demand. Tightening liquidity conditions: The USDT market cap growth over the past 60 days turned negative for the first time (-$133 million), the first contraction since October 2023. Stablecoin expansion peaked at $15.9 billion at the end of October 2025, and the current decline aligns with the characteristics of bear market liquidity contraction. In addition, explicit spot demand growth over the past year has plummeted by 93%, from 1.1 million BTC to 77,000 BTC. Technical structure shows downside risk: Bitcoin's price has fallen below the 365-day moving average for the first time since March 2022, and has dropped 23% over 83 days, showing weaker performance than the bear market in early 2022. The loss of key on-chain support levels indicates that Bitcoin may further decline to the $60,000–$70,000 range.
Bitcoin Falls Below 365-Day Moving Average, May Drop to $60K–$70K: CryptoQuant
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Summary
Bitcoin has fallen below the 365-day moving averages, a key bear market indicator, according to CryptoQuant. On-chain data shows institutional demand has dropped sharply, with a net sell of 10,600 BTC in 2026 versus 46,000 BTC in 2025. US spot demand remains weak, with Coinbase showing a negative premium since mid-October 2025. USDT’s market cap growth turned negative in late 2025, and explicit demand has dropped 93% in a year. The breakdown of key support levels points to a possible drop to $60K–$70K. Traders are now turning to altcoins to watch for potential rebounds.
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