Current Bear Market Performance Worse Than 2022: Analysts
“Bitcoin’s bear market is off to a weaker start than 2022,” reported on-chain analytics platform CryptoQuant on Wednesday.
Since falling below the 365-day moving average in November, Bitcoin is down 23% in just 83 days, compared to a 6% decline over the same period in early 2022, they added before stating “momentum is deteriorating faster this cycle.”
Bitcoin Bear Market Deepens
Bitcoin peaked at $126,000 in early October with the “Bull Score Index” at 80, but following the Oct. 10 liquidation event, the index turned bearish and has now fallen to zero while the price dumped to $71,000, “signaling broad structural weakness,” CryptoQuant reported. The platform also stated that Bitcoin “has lost key support levels” and may be targeting $70,000 to $60,000.
Bitcoin was rejected three times at the “Traders’ On-chain Realized Price,” a key on-chain support and resistance level. It also recently crossed below the lower band of this same metric, which acted as a support during the bull market.
Meanwhile, Santiment reported that sentiment “has turned extremely bearish toward Bitcoin and Ethereum” following the major downswing this past week.
Meanwhile, the crypto “Fear and Greed Index” has fallen back to all-time lows around 12 as sentiment collapses and panic selling continues.
Crypto Market Outlook
Total capitalization has declined again today, falling 4.4% to $2.53 trillion, its lowest level since April 2025. Further losses will see it back to bear market lows from 2024.
Bitcoin dumped again, tanking below $71,000 during early trading in Asia on Thursday morning. BTC is now back at November levels and heading towards support at around $65,000.
Ether is in meltdown, crashing below $2,100 and failing to recover, also on a path to previous cycle lows.
Altcoins are not even worth mentioning, tanking even harder than the top two, with most now at 80% down from their peaks.
The post Current Bear Market Performance Worse Than 2022: Analysts appeared first on CryptoPotato.
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