Bitcoin’s Plunge: The Silent Scream of US Buyers

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Ah, Bitcoin, that fickle mistress of the digital realm, has once again plunged into the abyss, shedding its golden cloak at the $80,000 altar and descending to the desolate plains of $74,000. For the first time since April 2025, the faithful find themselves questioning not merely the depth of their pockets, but the very soul of their investment. Is this but a fleeting torment, or the harbinger of a deeper, more existential despair? The market, that cruel and capricious deity, offers no solace, only whispers of a broader bearish phase, a winter that may freeze the hearts of even the most resolute.

Behold, the CryptoQuant scribes have deciphered the runes, comparing the febrile months of February to April 2025 with the present malaise. In those halcyon days, the Coinbase Premium Index, though oft dipping into the shadows, would swiftly return to the light. Discounts were but fleeting phantoms, absorbed by the voracious appetite of tactical sellers. Yet now, the shadows deepen, and the light grows dim. The current epoch is marked by a persistent negativity, a gaping wound that bleeds unchecked. US-based investors, once the stalwart guardians of the realm, have retreated, leaving the battlefield strewn with unresolved discounts and the bitter taste of abandonment.

The Coinbase Premium, once a beacon of hope, now flickers like a dying candle. Its negative readings are no longer fleeting but enduring, a testament to the absence of those who once stood as bulwarks against the tide. Even as prices tumble, the buyers remain specters, lurking on the sidelines, their silence more deafening than any cry of despair. As Bitcoin languishes at levels unseen in nearly a year, one cannot help but wonder: is this the beginning of the end, or merely the end of the beginning?

US Spot Demand: A Ghost Story

The CryptoQuant report, a grim tome of financial prophecy, declares that the Coinbase Premium’s behavior is no mere anomaly but a clear rupture from the past. Negative prints, once brief and episodic, now linger like unwelcome guests, their depths unfathomable, their persistence unyielding. This is no simple selling pressure; it is the death knell of US spot demand, a silent scream in the void. Even as prices plummet, the buyers do not emerge, their absence a haunting refrain that echoes through the market’s hollow halls.

Short-term discounts, those fleeting specters, may arise from macro shocks, liquidation events, or the whims of risk aversion. Yet when the premium remains ensnared in negativity even after the price has adjusted, it is a sign that the buyers have forsaken the field. The market, once stabilized by the steady hand of US-based spot participants, now teeters on the edge, its fate dictated by derivatives, leverage, and the fickle winds of short-term positioning.

In the spring of 2025, US spot demand was a force to be reckoned with, both in magnitude and persistence. Now, it is but a shadow, a ghost of its former self. Until the Coinbase Premium rises from the ashes, turning positive and holding fast, upside momentum remains a fragile illusion, leaving Bitcoin vulnerable to the slings and arrows of further downside pressure.

Weekly Structure: A Tale of Woe

Cast your gaze upon Bitcoin’s weekly chart, and you shall behold a tragedy unfolding. The loss of the $80,000 support zone is but the latest act in a drama of structural deterioration. After scaling the heights of $120,000 in mid-2025, the price has descended into a morass of lower highs and lower lows, a clear sign of distribution’s cold embrace. The recent plunge to the $74,000-$77,000 abyss marks a return to levels not seen since April 2025, a stark reminder that prior demand has crumbled like dust in the wind.

From a trend perspective, Bitcoin now wallows beneath its 50-week moving average, a level that once served as dynamic support during the bull phase. Yet the failure to reclaim this bastion suggests a weakening of medium-term momentum, a harbinger of darker days to come. The 100-week moving average, now a formidable resistance near the mid-$80,000s, adds to the bearish chorus. Meanwhile, the 200-week moving average, lurking in the low-$60,000 region, beckons like a siren, a potential downside magnet should the selling pressure persist.

Volume dynamics, those silent witnesses to the market’s travails, paint a grim picture. Selling waves during the breakdown are accompanied by elevated volume, a sign of distribution rather than passive drift. The latest candle, though showing a modest rebound, lacks the conviction of follow-through, its nature corrective and its promise hollow.

The chart, that unflinching chronicler of market truths, suggests that Bitcoin is in a transition phase, teetering on the precipice of a broader bearish regime. Unless the price can decisively reclaim the $85,000-$90,000 zone, rallies will be but fleeting illusions, sold into oblivion. The risk, ever present, skews toward a deeper test of long-term demand levels, a journey into the heart of darkness from which few return unscathed.

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2026-02-03 10:11