Bitcoin Faces Selling Pressure Amidst Market Uncertainty
Bitcoin is experiencing renewed selling pressure as global financial markets remain dominated by uncertainty, though bulls have thus far managed to defend the crucial $75,000 region. The cryptocurrency remains trapped below key resistance levels after failing to regain momentum above $80,000 earlier this month, leaving traders seeking signs of stabilization or further declines.
Spot Trading Volumes Plunge
While recent weakness has raised concerns across the market, analyst Darkfost believes a significant indicator is the dramatic collapse in spot trading activity. According to Darkfost’s data, Bitcoin spot trading volumes have fallen to levels historically associated with bear markets. The analyst notes that one must look back to July 2023 to find a period where BTC spot volumes were this low across major exchanges.
Binance, the dominant venue in the crypto market, currently processes around $36.4 billion in trading volume. In October 2025, that figure stood at approximately $198.6 billion. The decline is significant, with Binance volumes nearly five times lower than at the cycle peak, representing an 81% decrease. Other exchanges show similar weakness, with Gateio volumes falling nearly 80% and Bybit recording a 66% drop in activity.
Macroeconomic Factors Weigh on Crypto
Darkfost explains that the collapse in Bitcoin spot trading activity reflects a broader macroeconomic environment increasingly hostile toward risk assets like cryptocurrencies. Rising inflationary pressures, persistent uncertainty surrounding global monetary policy, and the prolonged US/Iran conflict have pushed investors toward safer assets. Commodities, energy markets, and major equity indices have absorbed a large portion of capital flows that previously rotated into crypto during periods of stronger risk appetite, resulting in a sharp contraction in participation across spot crypto markets.
Lower trading activity often reflects declining enthusiasm, weaker speculative demand, and reduced institutional engagement. However, Darkfost argues that the current setup may not be entirely bearish from a structural perspective. Historically, prolonged declines in spot volume have frequently coincided with the later stages of corrective phases rather than the beginning of major collapses. As participation fades, aggressive selling pressure also begins to weaken because fewer market participants remain actively distributing positions into the market. The analysis points specifically to the 2023 bear market structure, where spot volumes collapsed to similarly depressed levels shortly before Bitcoin stabilized and volatility returned. That period of extreme inactivity ultimately became the foundation for the recovery phase that followed, as exhausted sellers gradually lost control of the market.
Bitcoin Holds Key Support
Bitcoin continues trading above the critical $75,000 support region despite persistent selling pressure and weakening market participation. The daily chart shows BTC consolidating near $76,800 after rejecting the $82,000 resistance zone earlier this month, with price now trapped between major moving averages as traders await a decisive breakout or breakdown.
Technically, Bitcoin remains above the 50-day moving average, which is currently acting as short-term support around the mid-$75,000 area. That level has become structurally important because it aligns closely with the broader horizontal demand zone between approximately $73,000 and $75,000 highlighted on the chart. Bulls have repeatedly defended this region throughout May, preventing sellers from regaining full control of the trend.
However, the broader structure still reflects caution. The 100-day and 200-day moving averages continue sloping downward overhead, reinforcing the idea that Bitcoin remains inside a larger corrective environment despite the recovery from February’s lows near $63,000. For now, Bitcoin remains in a compression phase. A decisive reclaim of the $80,000–$82,000 region would strengthen bullish momentum, while losing the $75,000 support zone could expose BTC to a deeper retrace toward the $70,000 area.
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