Has Bitcoin already entered a downturn — or has it simply lost momentum?

[paulo pinto]

Drops exceeding 20% ​​in 30 days are usually rare in clearly bullish markets. When they start appearing more frequently, the debate shifts from correction to structure.

Since mid-2025, the ROC (Return on Account) has been showing lower peaks and weakening momentum. It's not a collapse—but it's not a healthy expansion either.

Anyone who has weathered a few cycles knows: the market rarely announces when it changes regime.

Are we seeing a silent transition… or just temporary exhaustion?