CryptoQuant: Bitcoin trend similar to 2022 bear market, market sentiment turns extremely bearish

ME News reported on May 21 (UTC+8) 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 falling back into the "extreme pessimism" zone.

The report noted that Bitcoin's recent rally stalled near the 200-day moving average around $82,400 and then briefly fell back to around $76,000. CryptoQuant believes this trend is similar to March 2022, when Bitcoin rebounded 43% from its low, faced resistance at the 200-day moving average, and re-entered a downtrend.

CryptoQuant's head of research, Julio Moreno, said that during a bear market, the 200-day moving average is typically a key dividing line between a "relief rally" and a "trend continuation." If Bitcoin fails to break through this moving average effectively, it could mean the bear market structure has not been broken. (Source: ODAILY)

BTC-3.08%
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