Bitcoin Bear Market Could Get Worse Despite the Latest Relief Rally
Historical data and on-chain signals suggest Bitcoin's bearish phase may persist, potentially keeping prices below $70,000.Summary
Bitcoin continues to face selling pressure, struggling to reclaim the $70,000 level due to a persistent downtrend. Analysis of historical cycle data, specifically the Pi Cycle Top Indicator, suggests that current conditions resemble a mid-cycle bearish phase, which historically lasts a year or more, indicating continued constraint rather than an immediate recovery.
The Spent Output Profit Ratio (SOPR) remaining below 1 confirms that many investors are selling at a loss, suppressing upside momentum. Furthermore, the Money Flow Index (MFI) shows ongoing capital outflows, amplified by global macro uncertainty, reinforcing risk aversion.
At the time of writing, BTC trades around $66,443, confined below a descending resistance line. A break below the $65,000 support could expose the $62,893 level. A decisive move above $70,000 would be required to invalidate this bearish outlook.
(Source：BeInCrypto)