Bitcoin Market May Be Transitioning to Bearish Structure, Analyst Suggests

Bitcoin's market dynamics may be shifting towards a bearish structure rather than experiencing a temporary pullback in a bull market, according to PANews. CryptoQuant analyst Woominkyu highlighted that the supply of Bitcoin in loss (SALL) is on the rise again. Historically, this shift indicates the early stages of a bear market, where losses begin to affect not only short-term holders but also long-term participants. In previous cycles, such as in 2014, 2018, and 2022, this indicator increased before the actual market bottom was reached, with prices continuing to weaken. The true bottom only formed after a significant expansion in the supply in loss. Currently, the supply in loss remains well below historical capitulation levels, but the directional change itself is significant.