Bitcoin has shed momentum since April, slipping about 3.45% over the past month as repeated rejections around the $82,000 level have pushed the market into a downtrend that began in mid‑May. The pullback has accelerated recently: in an X post on May 29, market analyst Maartunn flagged an 11% drop in Bitcoin’s price over the prior 14 days and traced the weakness to a fragile, multi‑layered sell‑off across markets. Derivatives activity stands out as a primary pressure point. CryptoQuant data shows net taker volume plunged to -$948 million, the heaviest selling in the futures market since March. According to the platform, sellers have been outpacing buyers at a sustained clip — roughly $40 million per hour on average — signaling persistent rather than episodic liquidations. Bearish behavior is visible in spot markets as well, particularly in the U.S. On‑chain spreads show Coinbase trading at a 0.21% discount to Binance, a negative Coinbase Premium that implies stronger selling pressure from U.S. investors. Meanwhile, institutional flows add another layer of concern: ETFs have recorded two consecutive weeks of outflows, with roughly $1 billion pulled from the iShares Bitcoin Trust in the most recent week alone. Despite the selling wave, Maartunn points to early signs that a relief rally could be on the horizon. The Stablecoin Supply Ratio (SSR) is rising, indicating stablecoin liquidity is growing relative to Bitcoin’s market value — a setup that has historically preceded renewed buying. Net taker volume is also approaching levels that typically signal exhaustion of aggressive selling, moments when “smart money” has been known to step in and accumulate. That said, a sustained long‑term recovery is not a given. Maartunn reminds readers that previous cycle lows have tended to appear much later after halvings — about 889 days in 2016 and 925 days in 2020 — while the current cycle sits near 768 days post‑halving. By that timeline, the market may still be in a broader corrective phase rather than forming a definitive macro bottom. At press time, Bitcoin trades at $73,309, down 3.32% over the past week and reflecting the market’s continued struggle to regain its April momentum. Read more AI-generated news on: undefined/news