Analysis: Market performance is weaker than at the beginning of the 2022 bear market; BTC may fall to $60,000.

According to a report by CryptoQuant, Odaily Odaily, on-chain data signals indicate that the current market downturn is deepening and performing worse than in the early stages of the 2022 bear market, with BTC prices potentially falling towards $60,000. The next major support zone for BTC is between $60,000 and $70,000, and the crypto market currently experiences widespread structural weakness. Institutional demand has reversed dramatically, with US spot BTC ETFs turning from net buyers to net sellers, while retail participation remains low, and the Coinbase premium has been negative since mid-October. Liquidity conditions are also tightening. Furthermore, long-term demand growth has collapsed significantly, with annual spot BTC demand growth falling by 93% over the past four months from 1.1 million BTC to 77,000 BTC.