CryptoQuant analyzed that Bitcoin's failure to break the 200-day moving average, located at $82,400, and its subsequent drop to $76,000, is similar to the early stages of the bear market entry in March 2022. Julio Moreno, Head of Research at CryptoQuant, stated, "BTC, as in the past, faced the same technical resistance after rising approximately 37% from its low. The 200-day moving average has acted as a boundary separating relief rallies from renewed declines, and this failure to break resistance suggests that the bear market is structurally ongoing." He added, "Futures market demand, which drove the upward trend in April and May, slowed down after the $82,000 breakthrough, followed by liquidations of long positions. Spot demand is also rapidly decreasing. Spot ETFs have turned to net outflows, and the Coinbase premium has also turned negative. In a continuously rising market, a Coinbase premium is negative for the price. Typically, such periods are followed by further price drops or sideways consolidation. If the correction continues, support is expected at the $70,000 level, which is the average purchase price of short-term investors."
