CryptoQuant: Bitcoin's trend resembles the 2022 bear market, with market sentiment turning extremely pessimistic

Golden Finance reports that on May 21, CryptoQuant stated that Bitcoin's recent trend is similar to the rebound phase of the March 2022 bear market, with market demand still weak and sentiment indicators having fallen back into the "extremely pessimistic" zone.
The report pointed out that Bitcoin's recent rebound was blocked near the 200-day moving average at approximately $82,400, then briefly retreated to around $76,000. CryptoQuant believes this trend is similar to March 2022: at that time, Bitcoin rebounded 43% from its low point, was similarly blocked at the 200-day moving average, and re-entered a downtrend.
CryptoQuant's research director Julio Moreno said that in a bear market, the 200-day moving average is usually the key dividing line between a "rebound" and a "trend continuation." If Bitcoin cannot effectively break through this moving average, it may indicate that the bear market structure has not yet been broken.
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