The closely watched Momentum Index MACD has issued a red signal on the Bitcoin monthly chart, indicating that the bull run that began in early November near $20,000 may be coming to an end. The monthly MACD histogram has shown red bars below the zero axis for the first time, a pattern that has previously signaled major declines in 2014, 2018, and 2022. Current macro risks, including ETF capital outflows and a strengthening dollar, further reinforce the bearish signal, with Bitcoin's key support levels near $84,500 and $74,500. The outlook for Ethereum is also bleak, as a bearish 'death cross' pattern has been confirmed on its daily chart.