Bitcoin is facing renewed selling pressure as uncertainty continues to dominate global financial markets, but bulls have so far managed to defend the critical $75,000 region. The asset remains trapped below key resistance levels after failing to regain momentum above $80,000 earlier this month, leaving traders searching for signs that the current correction is either stabilizing or preparing for another decline.

While the recent weakness has raised concerns across the market, top analyst Darkfost believes one of the most critical signals is not the price itself, but the dramatic collapse in spot trading activity taking place beneath the surface.

According to data from Darkfost, Bitcoin spot trading volumes have now dropped to levels historically associated with bear markets. The analyst notes that investors have to go back to July 2023 to find a period when BTC spot volumes were this low on major exchanges. Binance, which remains the dominant cryptocurrency space, currently processes approximately $36.4 billion in trading volume. As of October 2025, the amount was approximately $198.6 billion.

Bitcoin Spot Trading Volume | Source: CryptoQuant

The fall is stern. Binance volumes are now almost five times lower than at the peak of the cycle, representing a decline of 81%. Other exchanges are showing similar weakness, with Gateio volumes down almost 80% and Bybit reporting a 66% decline in activity.

A decline in Bitcoin volume may signal seller exhaustion

Dark Fost explains that the collapse in Bitcoin spot trading activity reflects a broader macroeconomic environment that is becoming increasingly hostile to risky assets such as cryptocurrencies. Increasing inflation pressures, continuing uncertainty about global monetary policy and the US-Iran conflict lasting longer than markets initially expected have pushed investors towards safer and more customary assets. Commodities, energy markets and major equity indices have absorbed a immense portion of capital flows that previously traded into cryptocurrencies during periods of greater risk appetite.

The result was a edged decline in cryptocurrency spot market share. Lower trading activity often reflects failing enthusiasm, weaker speculative demand and reduced institutional commitment. Darkfost argues, however, that the current setup may not be entirely bearish from a structural perspective.

Historically, long-term declines in spot volume have often coincided with the later stages of corrective phases rather than the onset of larger crashes. As market share declines, aggressive selling pressure also begins to fade as fewer and fewer market participants actively distribute positions in the market.

In particular, the analysis points to the bear market structure of 2023, with spot volumes falling to similarly depressed levels shortly before Bitcoin stabilized and volatility returned. This period of extreme inactivity ultimately underpinned the recovery phase that followed, as exhausted sellers gradually lost control of the market.

Bitcoin holds above key support as bulls defend the 75k region. dollars

Bitcoin continues to trade above the critical $75,000 support region despite continued selling pressure and weakening market share. The daily chart shows BTC consolidating near $76,800 after rejecting from the $82,000 resistance zone earlier this month, and the price is currently trapped between major moving averages as traders wait for a decisive break or breakdown.

Bitcoin consolidates above key price level | Source: BTCUSDT chart on TradingView

Technically, Bitcoin remains above its 50-day moving average, which currently provides near-term support around the mid-$75,000 level. This level has become structurally critical because it closely aligns with the broader horizontal demand zone between approximately $73,000 and $75,000 marked on the chart. Bulls defended this region repeatedly 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 to decline, supporting the view that Bitcoin remains in a larger corrective environment despite recovering from February’s capitulation lows near $63,000.

For now, Bitcoin remains in a compression phase. A decisive recovery of the $80,000-$82,000 region would strengthen bullish momentum, while a loss of the $75,000 support zone could expose BTC to a deeper pullback towards the $70,000 area.

Featured image from ChatGPT, chart from TradingView.com