Bitcoin is showing mid-to-late bear market characteristics, trading between $52,699 and $67,176 realized price levels. Despite improving macroeconomic conditions, Bitcoin's price fell 3.1% last week to $62,921, with US spot Bitcoin ETFs experiencing their first net outflow in three weeks, losing $385.2 million. Trading volume and on-chain activity have dropped to levels not seen since early 2019, with Bitcoin transfer velocity at a seven-year low, signaling reduced market participation. This low liquidity environment could lead to sharp price volatility soon, with key support at $52,699 and resistance near $67,176. Investors should watch for renewed ETF inflows and stablecoin supply growth as indicators of a potential market rebound.
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