Bitcoin is experiencing bearish conditions as on-chain metrics and macroeconomic factors weigh heavily on its performance. Coinotag reports a significant drop in CryptoQuant's Bull Score from 80 to 20, alongside a contraction in Apparent Demand by 111,000 BTC. The sell-off is further exacerbated by U.S.-China trade tensions and a $21 billion decrease in derivatives open interest. Despite these challenges, there are signs of potential recovery. Stablecoin liquidity has increased by $14.9 billion over the past 60 days, and whale accumulation indicates optimism. Analysts suggest that a breakout above $115,000 could signal a reversal in Bitcoin's fortunes.