Bitcoin Price Slides to $70,000 as Glassnode Says ‘BTC Bears Are in Control’—$50,000 at Risk?

2 months ago

Bitcoin is printing massive bearish candles for t

Bitcoin is printing massive bearish candles for the third consecutive day, dragging the price down by more than 10% this week. The BTC price

At the same time, Bitcoin price trends lower as put demand accelerates, reinforcing the view that market participants are positioning defensively rather than betting on a near-term rebound. Elevated put activity typically signals risk-off sentiment and heightened downside caution.

The Final Verdict: Are the Bitcoin Bears in Control?

The data shows Bitcoin price is under pressure, but not in free fall. The price sitting below the short-term holder cost basis tells us recent buyers are stuck in losses, which explains why every bounce runs into selling. The rise in realized losses confirms that some traders are now exiting positions under stress, not rotating calmly.

What matters more is that big money isn’t stepping in yet. Institutional netflows remain weak, and the jump in put option demand shows traders are paying for protection rather than betting on a quick recovery. That’s a clear sign of caution, not confidence.

Overall, this looks like a defensive, risk-off phase where the market is trying to find balance after excess optimism. Conditions can still stabilize, but until selling pressure cools and demand improves, upside moves are likely to stay limited and fragile.

FAQs

Is Bitcoin starting a bear market?

Current data suggests a bearish short-term phase, with price below key holder cost bases and rising institutional outflows, but this indicates a correction, not necessarily a long-term bear market.

Why is the Bitcoin price dropping sharply?

The drop is driven by several factors: recent buyers are selling at a loss, institutional netflows have turned negative, and traders are actively hedging against further downside with put options.

Are big institutions still buying Bitcoin?

Recent data shows a clear shift; major entities like spot ETFs and corporate treasuries are now in distribution mode, creating net outflows and removing a key source of market demand.

Should I buy the Bitcoin dip right now?

Current indicators show high caution, with weak buying volume and strong defensive hedging. Until selling pressure cools and demand improves, near-term rallies are likely to face significant resistance.

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