Bitcoin continues to struggle in a challenging market environment, with its price significantly below previous highs. Recent analysis from CryptoQuant highlights the severity of the current bear market, drawing comparisons to past downturns in the cryptocurrency's history, as analysts warn in the report.
Bitcoin's Price Plummets Below Moving Average
According to Julio Moreno, the head of research at CryptoQuant, Bitcoin's price has plummeted 30% below its 365-day moving average. This marks one of the most severe bear markets seen in recent years, with the decline beginning late last year when Bitcoin first fell below this critical moving average.
Comparison with Previous Bear Markets
The current market conditions are notably worse than those experienced during previous bear markets in 2014 and 2018, where Bitcoin's price was only down by 20% at similar points in time. As of now, Bitcoin is trading at approximately $70,500, showing a modest increase of over 2% in the last 24 hours. However, the overall trend remains concerning for investors.
Despite Bitcoin's recent struggles highlighted in the previous report, it has shown a notable recovery, rising over 16% to approximately $70,000. For more details, see the full article here.
