CryptoQuant: Bitcoin's Trend Resembles the 2022 Bear Market, Market Sentiment Turns Extremely Pessimistic

Odaily reports that CryptoQuant indicates Bitcoin's recent price action is similar to the bear market rally phase in March 2022. Market demand remains weak, and sentiment indicators have once again fallen into the "extreme pessimism" zone.

The report notes that Bitcoin's recent rally faced resistance near the 200-day moving average at approximately $82,400, subsequently pulling back to around $76,000. CryptoQuant believes this pattern is similar to March 2022, when Bitcoin rallied 43% from its low, encountered resistance at the 200-day moving average, and then re-entered a downward trend.

Julio Moreno, Head of Research at CryptoQuant, stated that during a bear market, the 200-day moving average typically serves as a key dividing line between "relief rallies" and "trend continuation." If Bitcoin fails to break effectively above this moving average, it may indicate that the bear market structure has not yet been broken.