In a report released Wednesday, the firm noted that Bitcoin’s supply in loss metric has begun to rise again, a shift that has often marked the early stages of past bear markets. Possible Shift Toward Bear Market StructureAccording to analysis by CryptoQuant contributor Woominkyu, increases in supply held at a loss tend to signal that market weakness is spreading beyond short‑term traders and gradually affecting longer‑term holders. In previous market cycles, including 2014, 2018, and 2022, this indicator started trending upward well before prices reached their eventual lows. At present, CryptoQuant notes that Bitcoin’s supply in loss remains well below levels typically associated with full market capitulation. US Dollar Tests Historic Zone For Bitcoin RalliesDespite these cautionary signals, not all analysts believe the outlook is entirely negative.