CryptoQuant: Bitcoin trend similar to 2022 bear market, market sentiment turns extremely pessimistic
Odaily reported that CryptoQuant stated Bitcoin's recent trend is similar to the bear market rally phase in March 2022, with market demand still weak and sentiment indicators having fallen back into the "extremely pessimistic" range.
The report pointed out that Bitcoin's recent rally faced resistance near the 200-day moving average around $82,400, before subsequently falling back to around $76,000. CryptoQuant believes this trend is similar to March 2022: at that time, after Bitcoin rebounded 43% from its lows, it also encountered resistance at the 200-day moving average and re-entered a downtrend.
Julio Moreno, Head of Research at CryptoQuant, stated that in a bear market, the 200-day moving average is typically a key dividing line between "rally conditions" and "trend continuation." If Bitcoin cannot effectively break through this moving average, it may mean the bear market structure has not yet been broken.
