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Blockchain trading analysis platform CryptoQuant reported yesterday that the start of the Bitcoin bear market appears to be weaker than the 2022 cycle.
Since breaking above the 365-day moving average in November, Bitcoin prices have fallen by approximately 23% in just 83 days, compared with a 6% decline during the same period in early 2022, indicating that momentum is deteriorating at a faster rate this time around.
Bitcoin bear market has deepened:
According to the report, Bitcoin prices peaked at $126,000 in early October, coinciding with the “Bull Index” reaching 80, but following the October 10 liquidation event, the index turned to a downward trend and subsequently fell to zero, coinciding with the price’s decline towards $71,000, indicating widespread structural weakness.
The platform added that Bitcoin has lost important support levels and the trend may expand towards the target range of $70,000 to $60,000.
She also explained that the price was rejected three times at the Trader Chain Realized Price level, which is seen as a key support/resistance area, and recently fell below the indicator’s lower bound, a level that acted as support during the bull run.
Sentiments, needs and liquidity:
For its part, “Santiment” said that following last week’s decline, sentiment towards Bitcoin and Ethereum prices has become very negative, noting that market behavior often runs counter to the fear and greed of individual traders, which could leave room for a short-term rebound if pessimism persists.
In the same context, “Glassnode” said that the bear market continues, profitability is reset, realized losses rise, spot demand is weak, and leveraged positions are closed.
As panic escalated and the sell-off wave continued, the digital currency’s “Fear and Greed” index also fell to extremely low levels near 12.
Total market capitalization fell again by 4.4% to $2.53 trillion, the lowest level since April 2025.
Any additional losses could send the market back to 2024 lows.
In terms of price, in early trading on Thursday, Bitcoin price fell below US$71,000 again, actually returning to November levels and approaching the support level of around US$65,000.
The price of Ethereum fell below $2,100 and did not show a significant recovery, while alternative digital currencies faced more severe pressure, and most of them fell by about 80% from their peaks.
Also read:
Market pressure drives Bitcoin price well below its fair value: Details
