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

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ME News, May 21 (UTC+8), CryptoQuant stated that Bitcoin's recent trend is similar to the bear market rally phase in March 2022, with market demand still weak and sentiment indicators once again falling into the "extremely pessimistic" zone.
The report noted that Bitcoin's recent rebound faced resistance near the 200-day moving average at around $82,400, subsequently retreating to around $76,000.
CryptoQuant believes this pattern is similar to March 2022: at that time, Bitcoin rebounded 43% from its low, encountered resistance at the 200-day moving average, and re-entered a downtrend.
CryptoQuant's Head of Research, Julio Moreno, stated that in a bear market, the 200-day moving average is often a key dividing line between "rally" and "trend continuation." If Bitcoin fails to break through this moving average effectively, it may mean the bear market structure remains unbroken. (Source: ODAILY)
BTC-1.84%
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