CryptoQuant: Bitcoin's trend is similar to the bear market of 2022, and market sentiment has turned extremely pessimistic

CryptoQuant stated that Bitcoin's recent trend is similar to the bear market rebound phase in March 2022, with market demand still weak and sentiment indicators having fallen back into the "extremely pessimistic" range.

The report pointed out that Bitcoin's recent rebound was blocked near the 200-day moving average at around $82,400, and then it fell back to around $76,000. CryptoQuant believes this trend is similar to that in March 2022: at that time, Bitcoin rebounded 43% from its low but also encountered resistance at the 200-day moving average and re-entered a downward trend.

Julio Moreno, head of research at CryptoQuant, stated that during a bear market, the 200-day moving average is usually a key dividing line between "rebound markets" and "trend continuation." If Bitcoin cannot effectively break through this moving average, it may indicate that the bear market structure has not yet been broken.