How Severe Is This Bitcoin Bear Market and Where Is Price Headed Next?

Bitcoin recently bounced after nearly hitting $60,000, but this rebound does not confirm a trend reversal, suggesting the market is in a broader corrective phase. Analysis of the Relative Unrealized Loss ratio shows the market is in bearish territory around 24%, though below historical extreme capitulation levels, implying selling pressure is ongoing. Divergent investor behavior is noted: small retail wallets (<0.01 BTC) are accumulating, while mid-sized wallets (10-10,000 BTC) are distributing, despite overwhelmingly bearish social sentiment. Conversely, network activity shows a 37% surge in new addresses, indicating fresh interest during the price correction. Key price levels to watch are $63,007 support; a break below this could target $55,500, while holding this level and reclaiming $71,672 could signal short-term stabilization.

(Source：BeInCrypto)