Bitcoin's BCMI indicator is flashing important signals right now. Looking at the on-chain data, we're seeing patterns that suggest the market might be shifting from a typical pullback into something more substantial—a potential bear market phase. The distinction matters: pullbacks are normal noise in bull runs, but when the data starts pointing toward structural weakness, that's when positioning becomes critical. Whether this confirms as a deeper downtrend or reverses back will depend on how price reacts at key support levels in the coming weeks.