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The post Russia&#8217;s top stock exchanges plan to launch crypto trading once legal 
framework is in place appeared first on Crypto Briefing.

Russia’s top stock exchanges plan to launch crypto trading once legal framework is in place

The ongoing Bitcoin price play out leading into a bear market is now one of 
the most pressing questions in the crypto industry. Right now, Bitcoin is 
trading between $87,700 and $88,000, which is a 30% drop from the all-time 
high it reached in October 2025. Price action alone often leaves room for 
debate, but on-chain data is beginning to offer clearer guidance. Notably, 
analysis from CryptoQuant shows that Bitcoin’s internal market structure is 
shifting in a way that aligns more closely with early-stage bear market 
conditions. BCMI Drops Below Equilibrium The important bear market signal is 
from Bitcoin’s Combined Market Index, or BCMI, which is a composite indicator 
that blends price behavior with on-chain momentum. According to Woo Minkyu, a 
verified analyst on the CryptoQuant platform, Bitcoin&#8217;s BCMI returned to the 
0.5 level in October. This was initially interpreted as a cooling phase rather 
than a definitive cycle top. At the time, the assumption was that Bitcoin was 
consolidating after an extended rally. Related Reading: Bitcoin Price Remains 
Stuck Inside This Range, But A Breakout Could Follow However, that view has 
weakened with the deterioration of market conditions. Particularly, Bitcoin’s 
price action has declined materially since late October, and the BCMI has 
fallen in tandem with the price. This joint decline suggests the market has 
reset not only through time but also through valuation and participation. As 
shown on the chart below, the BCMI has now slipped below its equilibrium zone, 
and this is a development that is known to coincide with transitions into 
bearish phases, where rallies tend to be capped, and downside risks increase. 
A closer look at prior Bitcoin cycles adds more context to the current setup. 
In both 2019 and 2023, meaningful cycle bottoms formed only after BCMI 
compressed into the 0.25 to 0.35 range. Those levels reflected deep sentiment 
compression, washed-out positioning, and a structural reset of the market. At 
current readings, Bitcoin’s Combined Market Index is less than 0.4. This 
reading is below equilibrium but still well above a bottom zone. This opens 
the possibility that the market is transitioning into a bear phase, not just 
experiencing a pullback. According to the analyst, a more durable bottom may 
only form if history repeats itself and the BCMI revisits 2019-2023 levels. 
Weak Sentiment Adds To Bear Market Evidence Market sentiment is also 
supporting the idea that Bitcoin is moving deeper into a bearish phase. 
Optimism has been really scarce in recent weeks, with traders showing little 
confidence that the price has found a sustainable floor. CoinMarketCap&#8217;s 
Crypto Fear and Greed Index is currently posting a reading of 28, which places 
sentiment firmly in the Fear zone. Related Reading: The Bitcoin Bull And Bear 
Cases That Crypto Traders Should Know About This poor sentiment backdrop has 
been affirmed by industry commentary. For instance, Changpeng Zhao recently 
noted that many investors only wish they had bought Bitcoin early when prices 
were already at all-time highs. In practice, those early accumulations 
happened during periods like the present one, when fear, uncertainty, and 
doubt dominate market psychology. Featured image from Pixabay, chart from 
Tradingview.com

Cryptocurrency price in BMD