Based on the market situation at the end of 2025 (currently), here are simple reasons why Bitcoin (BTC) tends to be bearish or experiencing a decline:

1. Sell Action "Whales" (Whales) & Institutions
The most fundamental reason is that supply is greater than demand. On-chain data shows that large holders (whales) and long-term investors (Long-Term Holders) are beginning to offload their holdings to take profits (profit taking) after the price briefly touched the highest level (ATH) in the middle of the year. When the "big players" sell, prices tend to drop.
2. ETF Outflows (ETF Outflows)
The Bitcoin Spot ETF, which had been a price driver, has now reversed direction. There was a significant outflow of funds (outflow) from U.S. ETFs at the end of 2025. This indicates that the interest of large institutions is declining or they are shifting to safer assets (risk-off).
3. Market Sentiment "Extreme Fear"
Market psychology is bearish. The Fear & Greed Index shows extreme fear.
* Simply put: Retail investors ( beginners ) panic because they see prices drop, causing them to sell at a loss ( cut loss ), which actually worsens the price decline.
* New buyers (new entrants) who entered at high prices are now at a loss, leading to no new money coming in to support the price.
4. 4-Year Cycle (The 4-Year Cycle)
Historically, Bitcoin often reaches its cycle peak about 12-18 months after Halving. Given that Halving occurs in 2024, many analysts believe that the cycle peak (peak) has already happened in early to mid-2025. The end of 2025 is considered the beginning of the correction phase or bear market before the next cycle.
5. Macroeconomic Factors
Global interest rate uncertainty and slowing economic conditions are causing investors to avoid high-risk assets like crypto. When money is "expensive" (high interest rates) or the economy is sluggish, people prefer to hold cash (cash) rather than speculative assets.
Brief Conclusion:
BTC bearish because big players are already satisfied with profits and starting to exit, while new players are afraid to enter.