Analysis: Bitcoin cycle indicators suggest the correction may not be over yet, and a rebound does not mean selling pressure has been exhausted.

BlockBeats news, November 5th, CryptoQuant certified analyst CryptoZeno posted an analysis stating that Bitcoin's current market structure shows cycle heat is cooling, but extreme signals commonly seen near major historical turning points have not yet appeared. The 30-day moving average of the Bitcoin Cycle Extremes Index has dropped to 15.8%, placing it in the "watch/mild pressure" range.

Currently, BTC's price has retraced approximately 46% from its previous all-time high, but the index remains far below levels representing active or extreme phases. The Cycle Extreme Oscillator also shows cautious signals, with its 30-day moving average near the bottom of its historical range and significantly below the 1.0 threshold. During previous active market phases in early 2021 and from 2024 to 2025, this indicator rose markedly, but no similar changes have appeared yet.

BTC is currently closer to a correction and low-activity phase rather than a confirmed cycle bottom. Low indicator readings do not mean selling pressure has been exhausted, and further consolidation or even a new round of decline may still occur. Going forward, attention should be paid to whether the Cycle Extremes Index can sustainably recover to an "active phase" and whether the oscillator can recover in tandem. Before these signals appear, cooling market cycle heat should not be mistaken for a trend reversal.