币界网报道：Bitcoin bears are aggressively positioning themselves in the market as BTC struggles to hold above $43,000, signaling potential further downside. Analysts note increased short positions on derivatives exchanges, with open interest rising alongside declining prices—a classic bearish indicator. CryptoQuant data reveals Bitcoin reserves on exchanges have grown by over 20,000 BTC in the past week, suggesting holders may be preparing to sell. The bearish sentiment is further evidenced by the Crypto Fear & Greed Index dropping to 55 (greed) from recent highs above 70 (extreme greed). Market observers point to several factors pressuring Bitcoin: uncertainty around spot ETF approvals, macroeconomic concerns from strong US jobs data reducing Fed rate cut expectations, and technical breakdowns below key support levels. Some traders warn of a possible drop to $38,000 if $42,000 support fails, though long-term holders continue accumulating at these levels. The options market shows growing demand for downside protection, with put-call ratios rising. Despite the bearish pressure, industry veterans remind investors that Bitcoin has historically seen 20-30% corrections during bull markets before resuming upward trends. The current pullback remains within normal parameters compared to previous cycles, with on-chain metrics still indicating strong holder conviction among long-term investors.