Bitcoin Bears Circle as Analysts Warn of Deeper Pullback and Meme Coins Plot a Sneaky Comeback

Bitcoin’s grip on the market is looking shakier than a leveraged long on Pepe Coin. As the world’s largest crypto stumbles, the chorus of bearish analysts is growing louder, and the meme coin crowd is quietly plotting their next move. Galaxy Digital’s Alex Thorn has thrown cold water on the bullish party, warning that technicals and on-chain flows now point to a risk of a much deeper pullback. The question for traders: is this just another garden-variety shakeout, or the start of something more sinister?

Let’s get to the meat. Bitcoin’s price decline has become the talk of the crypto desk, with news.bitcoin.com reporting that several major desks are bracing for an extended downturn. The technical picture is ugly. Support levels that once looked ironclad are now being tested, and the on-chain data isn’t offering much comfort. Galaxy’s Thorn points to a confluence of weak spot demand, declining exchange balances, and a notable drop in whale accumulation. Meanwhile, the rumor mill is working overtime, with viral posts about Satoshi Nakamoto allegedly selling 10,000 BTC for $800 million (spoiler: it’s almost certainly nonsense, but in this market, narratives matter as much as facts).

The meme coin crowd, meanwhile, is licking its wounds. Pepe Coin, the poster child for retail exuberance, has been left for dead after a brutal selloff. Yet, as cryptonews.com notes, the smart money is quietly accumulating in the background, betting on a rebound while retail capitulates. It’s a tale as old as crypto: when the headlines scream “dead coin walking,” that’s usually when the sharks start circling. The open interest in XRP has collapsed to its lowest level since 2024, signaling a broader deleveraging across altcoins. The entire market is in risk-off mode, and the only thing moving faster than the price action is the narrative churn.

Context is everything here. Bitcoin’s recent weakness comes against a backdrop of macro uncertainty, regulatory overhang, and a market that’s still digesting last year’s ETF euphoria. The rotation out of high-beta altcoins and into staid, boring assets like USDT is a sign that the risk appetite has evaporated, at least for now. The last time we saw this kind of broad-based derisking was in mid-2022, when the Terra/Luna collapse triggered a cascade of liquidations. While the current situation isn’t nearly as dire, the parallels are hard to ignore.

The technicals are painting a grim picture. Key support levels are being tested, and the absence of meaningful spot demand is a red flag. On-chain metrics, once the darling of the bull crowd, now point to a market in retreat. Exchange balances are rising, suggesting that traders are moving coins onto exchanges in anticipation of further downside. Whale wallets, which had been accumulating aggressively during the last run-up, are now sitting on their hands. The meme coin complex, led by Pepe, is showing signs of bottoming, but it’s too early to call a reversal. The smart money may be nibbling, but retail is still running for the exits.

Strykr Watch

For Bitcoin, the $95,000 level is the line in the sand. A break below this threshold could open the floodgates for a move toward $90,000, while a bounce here might offer a brief respite for the bulls. RSI is hovering in oversold territory, but momentum remains negative. Moving averages are rolling over, with the 50-day now threatening to cross below the 200-day, a classic bearish signal. For Pepe Coin, watch for accumulation patterns on-chain and a potential reversal if volume spikes. The altcoin complex is still fragile, but the seeds of a sneaky comeback are being sown.

The risks are obvious. A decisive break below $95,000 for Bitcoin could trigger a wave of forced selling and liquidations, especially among overleveraged longs. Regulatory headlines, always lurking in the background, could add fuel to the fire. For meme coins, the risk is existential: if retail doesn’t return, the smart money will be left holding the bag. On the flip side, any sign of renewed institutional interest or a macro tailwind could spark a sharp reversal. This is a market that thrives on narrative, and the next headline could change everything.

For the bold, the opportunities are tantalizing. A tactical short on Bitcoin below $95,000, with a target of $90,000, offers asymmetric risk. For those with a taste for pain, nibbling on battered meme coins like Pepe could pay off if the bottom is in. Watch for a reversal in on-chain flows and a spike in spot volume as signals that the worst may be over. The key is to stay nimble and keep stops tight, this is not the time to get married to a position.

Strykr Take

This is not the end of crypto, but it is the end of easy money. The market is in reset mode, and only the nimble will survive. Bitcoin’s weakness is a warning shot, not a death knell. The meme coin complex may be down, but don’t count them out just yet. The next move will be fast, and it will catch most traders off guard. Strykr Pulse 42/100. Threat Level 4/5.