Svmuu reports that CryptoQuant indicates Bitcoin's recent price movement resembles the bear market rally phase from March 2022. Market demand remains weak, and sentiment indicators have once again fallen into the "extremely pessimistic" zone.
The report notes that Bitcoin's recent rebound was rejected near the 200-day moving average around $82,400, before subsequently falling back to around $76,000. CryptoQuant believes this pattern is similar to March 2022, when Bitcoin rallied 43% from its lows, was also rejected at the 200-day moving average, and then re-entered a downtrend.
Julio Moreno, Head of Research at CryptoQuant, stated that during a bear market, the 200-day moving average typically serves as a key demarcation line between a "relief rally" and "trend continuation." If Bitcoin fails to break through this moving average effectively, it may indicate that the bear market structure has not yet been broken.