Bitcoin is Still in Bear Market Territory Below $101,000, Says Research
Research suggests Bitcoin's recent 21% rally mimics a 2022 bear market rally, warning that staying below $101,000 signals continued risk.Summary
CryptoQuant research indicates that Bitcoin's recent 21% price increase since November 21 resembles a 'bear market rally' similar to what occurred in 2022. The analysis highlights that BTC remains below its 365-day moving average, which currently sits around $101,000, a critical resistance level. In 2022, Bitcoin experienced a significant rally after crossing below this MA before being rejected, and the current price action mirrors that pattern. The research suggests that despite short-term gains, fundamental and technical indicators still point to Bitcoin remaining in a bear market, cautioning against overconfidence. Furthermore, CryptoQuant noted an increase in Bitcoin flowing into exchanges, reaching multi-month highs on a rolling weekly basis, which can signal escalating selling pressure ahead.
(Source：Cointelegraph)