This market is not bearish.
It is defensive.
And there is a major difference.
Bear markets show expansion to the downside.
Defensive markets show hesitation on both sides.
What we are seeing right now is not panic selling.
We are seeing:
• reduced follow-through
• fast profit-taking
• selective acceptance
• and shrinking conviction
That is not fear-driven collapse.
That is capital waiting for proof.
This is the type of environment where:
Breakouts struggle.
Fake moves increase.
And emotional traders get chopped.
But it is also where future trends are built.
Because before strong directional moves appear,
markets first move into evaluation mode.
In this phase, price matters less than response.
How does $BTC behave at range highs?
Do pullbacks get defended or ignored?
Does capital expand into alts — or retreat back to safety?
Those answers always come
before trends.
Right now, the market is not offering opportunity.
It is offering information.
And professionals are collecting it.
Not predicting.
Not chasing.
Measuring.
Block Stream Analytics
Market structure & behavior desk #BTC100kNext? #GrayscaleBNBETFFiling #USIranMarketImpact #CPIWatch #BTC