According to the latest data shared by analyst Adler, the Bitcoin Impulse indicator—a metric that tracks BTC price momentum—has fallen to -59, signaling a rapid shift toward negative momentum. At the same time, the 30-day Net Taker Volume Position Change, which measures the balance between active buying and selling pressure, has dipped below the zero line for the first time in nearly three months. This suggests that the active buyer demand that fueled the previous rally has largely dried up.
Momentum Indicators Deep in Negative Territory
Momentum readings typically lead changes in capital flow. Currently, the fast momentum component is hovering near -90, while the slow momentum indicator has plunged to -59 after breaking below zero in late May. Both are well entrenched in deep negative territory, leaving little room for bullish price propulsion and confirming that sellers are firmly in control.
Net Taker Volume Turns Negative, But Not Yet Bearish
Although the momentum picture is decidedly bearish, the 30-day active buyer demand indicator has only recently turned negative and has not yet entered what Adler describes as a "bearish zone." Adler interprets the current environment as a transition from a buyer-dominated market to a seller-dominated one, with overall risk appetite shifting to a clear risk-off mode.
Adler outlines two scenarios going forward: if active buyer demand continues to weaken and crosses into bearish territory while momentum remains consistently negative, it would further confirm a bearish trend. Conversely, a return of active buying above the zero line could provide an opportunity for a short-term market rebound.