CryptoQuant says bitcoin mirrors 2022 bear market pattern as sentiment turns ‘extremely bearish’
CryptoQuant suggests bitcoin is mirroring a 2022 bear market pattern as technical resistance and weakening demand drive sentiment into 'extremely bearish' territory.Summary
Onchain analytics firm CryptoQuant reports that bitcoin is exhibiting price action similar to the March 2022 bear market. According to head of research Julio Moreno, bitcoin's recent failure to sustain a rally above its 200-day moving average serves as a technical indicator that the bear market remains intact. The analysis highlights a contraction in both speculative futures demand and spot market activity, further compounded by recent net selling from U.S. spot bitcoin ETFs and a negative Coinbase price premium. With the firm's Bull Score Index falling into the 'extremely bearish' range, experts suggest that $70,000 may serve as a critical support level where unrealized profits reach zero, potentially stabilizing future price action.
(Source：The Block)