Analysis: Bitcoin Breaks Below Key Daily Moving Averages, Intensifying Derivatives Selling Pressure May Prolong Bottoming Cycle

According to data from CryptoQuant, the Bitcoin price has fallen below both the 50-day and 200-day moving averages. The significant spread between these larger moving averages reflects a correction or "re-pricing" phase following the previous uptrend. Furthermore, CryptoQuant's Price Z-Score is currently at -1.6, indicating that the Bitcoin price is below the statistical mean. This typically signifies increased selling pressure and weakening trend momentum. Historically, similar ranges have more often corresponded with prolonged bottoming periods rather than rapid rebounds. Regarding the derivatives market, crypto analyst Darkfost points out that the seller-dominated structure is strengthening. Data shows that the weekly and monthly Net Taker Volume turned significantly negative last week, reaching -$272 million. Concurrently, the Taker Buy/Sell Ratio on the Binance platform fell below 1, indicating a notable rise in market selling pressure. Currently, futures trading volume remains significantly higher than spot inflows. The market requires stronger spot buying to trigger a rebound.