Bitcoin is facing renewed selling pressure as uncertainty continues to grip global financial markets, but bulls have so far managed to defend the critical $75,000 area. The asset remains trapped below key resistance levels after failing to regain momentum above $80,000 earlier this month, leaving traders searching for signals that the current correction is either stabilizing or preparing for another downward move.
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While the recent weakness has raised concerns across the market, senior analyst Darkvost believes one of the most important signals is not the price itself – but the dramatic collapse in spot trading activity occurring beneath the surface.
According to data from Darkvost, Bitcoin spot trading volumes have now fallen to levels historically associated with bear markets. The analyst points out that investors would have to go back to July 2023 to find a period in which Bitcoin will be strong Spot volumes were that low Across major exchanges. Binance, which remains the dominant place in the cryptocurrency market, currently processes around $36.4 billion in trading volume. In October 2025, this number reached approximately $198.6 billion.
Bitcoin Spot Trading Volume | Source: CryptoQuant
The collapse is severe. Binance volumes are now approximately five times lower than at the peak of the cycle, representing an 81% decline. Other exchanges are showing similar weakness, with Gateio’s trading volumes down nearly 80% and Bybit recording a 66% drop in activity.
A collapse in Bitcoin trading volume may indicate seller exhaustion
Darkfeast He explains The collapse in Bitcoin spot trading activity reflects a broader macroeconomic environment that has become increasingly hostile toward risky assets like cryptocurrencies. Rising inflationary pressures, continued uncertainty surrounding global monetary policy, and the conflict between the United States and Iran lasting longer than markets initially expected, have pushed investors towards safer or traditional assets. Commodity markets, energy and major stock indices have absorbed a significant portion of capital flows that previously shifted to cryptocurrencies during periods of strong risk appetite.
The result was a sharp contraction in participation across spot cryptocurrency markets. Decreased business activity often reflects declining enthusiasm, weak speculative demand, and low institutional participation. However, Darkfost says the current setup may not be completely bearish from a structural perspective.
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Historically, prolonged declines in spot volume have often coincided with the later stages of corrective phases rather than the beginning of major collapses. As participation fades, strong selling pressure also begins to weaken as fewer market participants remain actively distributing their positions in the market.
The analysis specifically points to a bear market structure for 2023, where spot trading volumes collapsed to similar lows shortly before Bitcoin stabilized and volatility returned. This period of extreme inactivity eventually became the basis for the recovery phase that followed, as exhausted sellers gradually lost control of the market.
Bitcoin maintains above key support as bulls defend the $75,000 area
Bitcoin continues to trade above the critical $75,000 support area despite ongoing selling pressure and weak market participation. The daily chart shows Bitcoin consolidating near $76,800 after being rejected from the $82,000 resistance area earlier this month, with the price now trapped between key moving averages as traders wait for a decisive breakout or breakdown.
Bitcoin consolidates above key price level | Source: BTCUSDT chart on TradingView
Technically, Bitcoin remains above the 50-day moving average, which is currently acting as short-term support near the $75,000 area. This level becomes structurally important because it aligns closely with the broader horizontal demand zone between around $73,000 and $75,000 shown on the chart. Bulls repeatedly defended this area throughout May, preventing sellers from regaining full control of the trend.
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However, the broader structure still reflects caution. The 100-day and 200-day moving averages continue to slope lower, reinforcing the idea that Bitcoin remains within a larger corrective environment despite recovering from the February capitulation lows near $63,000.
Right now, Bitcoin is still in a squeeze phase. A decisive retrieval of the $80,000-$82,000 area would boost bullish momentum, while a loss of the $75,000 support area could expose Bitcoin to a deeper pullback towards the $70,000 area.
Featured image from ChatGPT, chart from TradingView.com
