Bitcoin is not moving like a normal pullback anymore. What we are seeing right now feels heavier and slower. Price is not bouncing quickly. Every small recovery gets sold. That tells a simple story. Sellers are still in control and confidence is weak across the market.
Bitcoin has now printed multiple red months in a row. This has not happened often in the past. The last time conditions felt this stretched was during deep reset phases like 2018. Back then price did not reverse in days. It stayed uncomfortable for weeks and months. That is important to remember because many traders are still waiting for a quick V shape recovery that may not come.
Right now fear is not just noise. The Fear and Greed Index has been stuck in extreme fear for a long time. When fear lasts this long it usually means weak hands are slowly leaving the market. This is where people stop checking charts every hour. This is also where long term structures quietly reset.
Another big signal is liquidity. Billions of dollars have already been wiped from leveraged positions. Forced selling has done most of the damage. When leverage gets flushed the market becomes thinner and more sensitive. That is why even small sell orders push price down easily. This is not manipulation. This is mechanics.
ETF outflows also matter here. Large players reducing exposure adds pressure but it also removes weak positioning. In previous cycles heavy outflows often happened closer to late stage drawdowns not the start of bear markets. Timing is never perfect but history rhymes.
From a chart perspective Bitcoin already lost the 70k zone. That level mattered because it was both psychological and technical support. Once price lost it there was no strong bounce. That tells us demand is still waiting lower.
Now the next area everyone is watching is around 63k to 65k. This zone lines up with previous consolidation and large volume trading in the past. It is a natural area where buyers may step in. It does not mean price must reverse there. It only means reactions are more likely there than in the middle of nowhere.
Sentiment platforms like Polymarket also reflect this fear. Probability of Bitcoin breaking lower levels has increased sharply. These markets do not predict the future perfectly but they show where emotions are leaning. Right now emotion is clearly bearish.
One important thing most people forget is that bottoms are not loud. Tops are loud. Bottoms are boring painful and slow. By the time price finally stabilizes most people are already tired and uninterested. That is usually how cycles reset.
This does not mean Bitcoin cannot go lower. It also does not mean this is the final bottom. What it means is that the market is going through a cleansing phase. Leverage is leaving. Weak conviction is leaving. That process takes time.
If price holds the 63k to 65k zone and starts building a base there it would be a healthy sign. If it does not then lower levels will naturally come into focus. Right now the smartest approach is patience and clarity. Emotional trading in phases like this usually ends badly.
Bitcoin has proven one thing again and again. It survives fear phases by forcing people to think long term or step away. This phase will end too. The question is not how fast price recovers. The real question is who stays calm enough to still be here when it does.
#ADPDataDisappoints #WhaleDeRiskETH #EthereumLayer2Rethink? #KevinWarshNominationBullOrBear #GoldSilverRebound