## Bearish Structural Transformation Confirms Market Phase Shift

Bitcoin hovers around $90,000 but still faces intense selling pressure at levels of $86,000. After weeks of price correction, market participants are beginning to see clear signs of transitioning from temporary consolidation to a more sustained bearish phase. This change in narrative is reflected in the deterioration of structural indicators, which are consistently turning negative.

## Structural Indicators as Confirmation of a Bearish Scenario

Current readings of the composite structural change indicator, which ranges between -1 and +1, are approaching levels close to -0.5. Values below zero indicate that bearish forces have taken dominance in the market, and history shows that such levels are usually associated with an extended downtrend rather than a short-term correction. The Donchian channel over a 21-day period clearly shows that Bitcoin has approached the lower boundary of this range, oscillating near the support zone around $85,000.

The bullish and bearish market momentum index further confirms the bearish structure. The bullish component has fallen to just 5%, reflecting an almost complete loss of buying momentum. Simultaneously, the rapid bearish component deepens into negative territory, indicating increasing selling pressure primarily originating from the derivatives market. This asymmetry reveals a fundamental imbalance: spot market demand lacks sufficient strength to absorb the selling wave driven by derivative instruments.

## Formation of a Bearish Price Range on Charts

Since reaching a peak of $125,000 in October, Bitcoin has been forming a series of lower lows, and the current price of approximately $90,410 is well below both short- and medium-term moving averages. The 50- and 100-day levels, which previously served as support in an uptrend, have turned into resistance.

A key observation remains the interaction with the 200-day moving average. Bitcoin briefly tested this long-term support, but its position remains fragile, and upcoming demand shows a clear lack of sufficient strength. Maintaining below the fast moving averages historically anticipates a longer period of consolidation or, in the absence of significant demand, the risk of further declines.

## Conditions for Rebuilding Bullish Control

For the bulls to regain dominance, Bitcoin must first stabilize above current demand levels and break above key moving averages. As long as the price remains below the resistance zone of $90,000–$95,000, the bearish structure maintains its dominance. An essential condition for improvement would be a decisive return of the composite structural signal above the zero threshold and the rebuilding of spot market demand at a level capable of neutralizing the pressure from derivative instruments.