Bitcoin (BTC) is experiencing selling pressure primarily from Asian long-term holders and miners due to renewed Chinese mining crackdowns, despite institutional buying in the US. The BTC price may remain weak until this forced selling subsides, as evidenced by sustained net spot selling on Asian exchanges like Binance, Bybit, and OKX, contrasting with net buying on Coinbase. The hash rate drop of ~8% and historical patterns suggest this is a supply redistribution phase rather than panic selling.