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CryptoQuant: Bitcoin's trend is similar to the 2022 bear market, with market sentiment turning extremely pessimistic.

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ME News reports, on May 21 (UTC+8), CryptoQuant stated that Bitcoin's recent price action is similar to the bear market rally phase in March 2022, with market demand still weak and sentiment indicators falling back into the "extreme fear" zone. The report pointed out that Bitcoin's recent rally stalled near the 200-day moving average at around $82,400, before briefly retreating to around $76,000. CryptoQuant believes this pattern is similar to March 2022, when Bitcoin rebounded 43% from its low, then also met resistance at the 200-day moving average and re-entered a downtrend. Julio Moreno, Head of Research at CryptoQuant, said that in a bear market, the 200-day moving average is often a key dividing line between "bounce rallies" and "trend continuation." If Bitcoin cannot effectively break above this moving average, it may mean the bear market structure remains intact. (Source: ODAILY)
BTC-1.00%
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