A local bottom or a deeper correction?
Almost every cycle indicator we follow turned bearish at once:.
Bull score: 20, down from 90 on October 13.
Apparent demand: −284K BTC over 30 days, fastest contraction since March 2025.
USDT supply: -$6.6 billion in 60 days, more than double the decline after FTX.
Merchant margin: -6%, down from +33% in September.
The same readings marked the bottom of April 2025. What's missing this time is the US quote: Coinbase's premium has been negative for 30 straight days.
Levels to watch: A close above $76.4K (365 day MA) will be the first lower signal. A close below $73.2K (200 day MA) opens a deeper correction.
Full report.