Bitcoin ($BTC) and the cryptocurrency market have been unable to recover from the downward trend since the crash in October.
With successive declines, Bitcoin has fallen to the $70,000 mark, while the situation remains very bad for altcoins as well.
In its analysis from the CryptoQuant X account, it stated that Bitcoin is already in a bear market and that the current $BTC bear market is more negative than the one in 2022.
The analytics company stated that the current Bitcoin bear market is more negative than the market in early 2022.
According to CryptoQuant, the current bear cycle in Bitcoin started weaker compared to 2022, but the loss of momentum is happening faster.
At this point, CryptoQuant highlighted that $BTC has lost approximately 23% of its value in about 83 days since falling below its 365-day moving average last November.
This is a significantly larger drop compared to the 6% decrease seen in the same period in 2022.
CryptoQuant noted that this indicates the downward momentum is deteriorating more rapidly in the current cycle.
CryptoQuant also added that $BTC has lost key support levels and could potentially retest the $60,000 to $70,000 range.
“The Bitcoin bear market got off to a weaker start compared to 2022.”
The technical structure confirms the downside risk.
Bitcoin fell below its 365-day moving average for the first time since March 2022, and has lost 23% of its value in the 83 days since that drop.
This is worse performance than the bear market at the beginning of 2022.
“The loss of key on-chain support levels signals a potential decline towards the $70,000 to $60,000 range.”
*This is not investment advice.
