TLDR:
- On-chain data shows Bitcoin selling pressure easing after weeks of forced liquidations.
- Stablecoin reserves signal rising buying power across major exchanges.
- Bitcoin trades near its yearly VWAP, a key technical pivot zone.
- Analysts see potential bottom formation as retail selling slows.
Bitcoin’s latest on-chain indicators suggest that the recent wave of selling may be nearing exhaustion. Market data points to a possible bottom formation as leveraged positions are cleared and buying power begins to build.
Despite a week-long decline, the market is showing early signs of stabilization. According to CoinGecko, Bitcoin is trading at $102,453, up 0.21% in the past 24 hours but down 6.93% over the week.
On-Chain Metrics Point to a Stabilizing Bitcoin Market
Recent analysis from CryptosRus highlighted that Bitcoin’s selling pressure is “starting to fade.”
Futures CVD data over the last 90 days shows that aggressive short activity is slowing, signaling a shift in trader sentiment. Forced liquidations and heavy shorting that previously dragged prices lower appear to have subsided.
LATEST:
The Index of Consumer Sentiment fell to 50.3 in early November (—U. of Michigan)
This is now lower than the 2008 financial crisis level.What to expect:
Declining… pic.twitter.com/e0wHPNbnIH
— CryptosRus (@CryptosR_Us) November 7, 2025
Spot CVD remains slightly negative, meaning some holders continue to sell, though at a slower rate than earlier in the week. This indicates that retail participants are still cautious but less aggressive in offloading positions.
Analysts observe that this pattern often precedes recovery phases in prior cycles.
Additionally, the Stablecoin Supply Ratio has returned to levels typically seen before market rebounds. This metric, which compares stablecoin reserves to Bitcoin’s market cap, implies renewed buying potential as capital waits on the sidelines.
The adjusted Spent Output Profit Ratio (aSOPR) is hovering near 1.0, showing most coins are being sold around their cost basis rather than at heavy losses. This suggests capitulation may be ending as traders shift away from panic selling toward neutral sentiment.
Analysts Track Key Technical Levels as Sentiment Shifts
According to Daan Crypto Trades, Bitcoin is currently trading around its yearly Volume Weighted Average Price (VWAP).
Historically, this level has acted as a strong technical support and resistance area on higher timeframes. The analyst noted that each time BTC has tested this zone in recent years, it has triggered notable price reactions.
The VWAP level’s current test could determine Bitcoin’s short-term trajectory. If buyers maintain support above it, renewed upward momentum could follow. However, sustained rejection might lead to further consolidation before any significant rebound.
Despite the recent drawdown, on-chain data and technical levels align to indicate potential stabilization. As leverage resets and stablecoin reserves grow, even a minor positive shift in macro sentiment could strengthen the recovery narrative.
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