Bitcoin Slide: Bottom or Correction Ahead? Data Points Both Ways

Bitcoin (BTC) has lost 8.55% over the last seven days, trading at $73,752 according to BeInCrypto Markets. An AI-driven stock sell-off and rising expectations of rate hikes weighed on risk assets, and crypto has not yet bounced back.

The decline has triggered a wave of bearish signals across the market, leaving it unclear whether this is a bottom or the start of a deeper Bitcoin correction.

Bitcoin analyst sentiment turns increasingly bearish.

CryptoQuant's Analyst Consensus Index dropped from -1.0σ to -1.8σ in just 7 days, while bitcoin:native fell toward $73K.

ETF outflows, inflation concerns, and weakness in the Nasdaq are weighing on market sentiment.

Why Some Data Suggests a Bitcoin Bottom

CryptoQuant linked the drop to profit-taking, a hawkish Federal Reserve, the Binance hack, and the midterm elections. Hotter-than-expected October inflation data on November 10 then worsened the sell-off.

Still, some of these indicators have previously signaled bottoms.

CryptoQuant’s Bitcoin Bull Score fell to 0 from 90 on October 13. A comparable collapse occurred in April 2025, when the score hit 20 and rebounded to 80 within two months as the market bottomed.

The current reading, however, is below that April low.

Apparent demand dropped by 284,000 BTC in 30 days. The firm noted that declines of this size marked local bottoms in March 2025 and June to July 2026.

Glassnode said the sell-off cleared most nearby long liquidation levels. Since November 5, buy orders near the price on Binance and Coinbase have exceeded sell orders every hour.

Open interest returned to September levels as the price fell. Glassnode indicated that suggests new short positions, which a rebound would force to cover.

Why the Slide Could Continue

The case for a bottom weakens when looking at demand.

• US buyers are holding back. CryptoQuant’s Coinbase Premium Index has been negative for 30 days. Glassnode shows the steepest discount since February.
• Fresh capital is exiting. Stablecoin supply fell by $14.2 billion in 30 days, the fastest decline since June 2022, per Glassnode.
• Recent buyers are at a loss. Only about 35% of short-term holder coins are in profit, and CryptoQuant’s trader margin is at −6%.
• Sentiment has turned negative. CryptoQuant’s Analyst Consensus Index fell to −1.8σ in seven days, and crowd sentiment has also turned bearish.

Bitcoin analyst sentiment turns increasingly bearish.

CryptoQuant's Analyst Consensus Index dropped from -1.0σ to -1.8σ in just 7 days, while bitcoin:native fell toward $73K.

ETF outflows, inflation concerns, and weakness in the Nasdaq are weighing on market sentiment.

Where the Two Scenarios Converge

Bitcoin sits between the levels that could determine which scenario plays out.

Above the current price are Glassnode’s short-term holder cost basis at $75,600 and CryptoQuant’s 365-day average at $76,400.

CryptoQuant said Bitcoin must reclaim the 365-day line to restore the bullish setup. Below that, attention turns to the 200-day moving average.

“Until then, the 200-day moving average at $73.2K is the level that separates a shallow correction from a deeper one,” the report read.

Glassnode identifies a floor just below that level at $73,000. A sustained break below it would point to a longer consolidation phase. A close below the June low of $58,500 would undo the trend reversal that began in August, the firm said.

Bitcoin analyst sentiment turns increasingly bearish.

CryptoQuant's Analyst Consensus Index dropped from -1.0σ to -1.8σ in just 7 days, while bitcoin:native fell toward $73K.

ETF outflows, inflation concerns, and weakness in the Nasdaq are weighing on market sentiment.