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The cryptocurrency market is currently witnessing a complex dynamics surrounding Bitcoin， with several critical indicators suggesting potential bearish momentum.
Bitcoin’s price has remained relatively stable around $94，296， but underlying market signals are raising concerns among investors and analysts. The recent U.S. labor market report， which showed the creation of over 256，000 jobs and a decline in unemployment rate to 4.1%， has indirectly impacted cryptocurrency markets.
One of the most significant warning signs is the declining Bitcoin hash rate. According to IntoTheBlock data， the hash rate has retreated from its 30-day high of 911.88 TH/s to 750 TH/s， indicating potential reduced network activity and mining engagement. The hash rate， which measures the computational power dedicated to solving mathematical puzzles on the Bitcoin network， is a crucial metric for assessing network health and miner confidence.
Additionally， on-chain data reveals a reduction in active Bitcoin addresses from 900，000 to 775，000， suggesting some traders are exiting their positions. This trend is further supported by spot Bitcoin ETFs experiencing outflows totaling $572 million over two consecutive days.
Technical analysis presents a bearish outlook， with Bitcoin forming a potentially risky head and shoulders chart pattern. The neckline at $90，952 represents a critical support level， and a breakdown could trigger further price depreciation. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators have formed a bearish divergence， with MACD histograms moving below the zero line.
Should the price break below $90，950， analysts anticipate potential support levels at the 200-day moving average of $78，285 and subsequently at $73，985， which represents the highest point from March of the previous year.
However， not all indicators are negative. A bullish pennant chart pattern remains active on the weekly chart， providing a potential counterbalance to the short-term bearish signals. This pattern remains valid as long as Bitcoin maintains a price above $90，000.
The broader macroeconomic context， including rising bond yields and expectations of continued hawkish Federal Reserve policies， further complicates the market outlook. The 30-year Treasury yield rising to 5.0% and corresponding increases in 10- and 5-year yields suggest market expectations of sustained high-interest rates， traditionally a challenging environment for risky assets like cryptocurrencies.
Investors and traders are advised to closely monitor these technical and fundamental indicators， maintaining a cautious approach in the current volatile market environment. While short-term bearish signals are prominent， the cryptocurrency market’s inherent volatility means rapid sentiment shifts remain possible.