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

MeNews
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ME News May 21 (UTC+8), CryptoQuant stated that Bitcoin's recent price action resembles the bear market rally phase of March 2022, with market demand still weak and sentiment indicators having fallen back into the "extreme fear" zone. The report pointed out that Bitcoin's recent rally was rejected near the 200-day moving average around $82,400, subsequently falling back to around $76,000. CryptoQuant believes this is similar to March 2022: at that time, Bitcoin rebounded 43% from its low, hit resistance at the 200-day moving average, and re-entered a downward trend. Julio Moreno, Head of Research at CryptoQuant, said that in a bear market, the 200-day moving average is often the key dividing line between a "relief rally" and "trend continuation." If Bitcoin cannot effectively break above this moving average, it may mean the bear market structure remains intact. (Source: ODAILY)
BTC2.49%
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