Here are three warning signs that suggest Bitcoin may be slipping into a bear-market phase, even if prices haven’t fully collapsed yet.

1. Rallies keep failing at the same levels

One of the clearest red flags is how Bitcoin repeatedly struggles to break past key resistance zones. Each bounce looks promising at first, but sellers step in faster every time. This pattern shows declining conviction among buyers. In strong bull markets, resistance levels tend to flip into support. Right now, Bitcoin can’t seem to hold those gains, which points to exhaustion rather than momentum.

2. Liquidity is thinning, not expanding

Healthy bull markets need fresh capital flowing in. Lately, liquidity across crypto markets has been shrinking. Spot volumes are lighter, ETF inflows are slowing, and leverage is being reduced instead of added. When markets rise without strong liquidity, it usually means fewer participants are willing to take risk. That’s often a sign of distribution, not accumulation.

3. Long-term holders are starting to move coins

Another quiet but important signal is activity from long-term holders. When coins that haven’t moved in months or years suddenly head to exchanges, it often suggests profit-taking or risk reduction. This doesn’t happen at absolute bottoms — it happens when confidence begins to crack.

Taken together, these signals don’t guarantee a crash. But they do suggest Bitcoin may be transitioning from optimism to caution. Whether this becomes a full bear market depends on liquidity returning and buyers proving they’re still willing to defend higher prices.