Is Bitcoin Price Entering a New Bear Market? Here’s Why Metrics Say Yes
On-chain metrics suggest Bitcoin is showing structural stress consistent with an early bear market transition, despite orderly price correction.Summary
Bitcoin's recent pullback is accompanied by on-chain data suggesting a potential transition into a new bear market phase. The Realized Profit/Loss Ratio's 90-day moving average has dropped into the 1–2 range, historically signaling stressed environments where realized losses start dominating.
Furthermore, network activity shows slowing growth, with unique and new BTC addresses declining significantly compared to five years ago, indicating waning organic demand necessary for a durable recovery. At the time of writing, BTC is trading near $66,721, holding above critical support at $66,550 but respecting a downtrend since late January.
Key technical levels include potential downside targets at $60,000 and $52,775 if support fails. A sustained break below the Realized Price of $54,920 would further increase the risk of a prolonged bearish cycle. Invalidation of this cautious outlook requires Bitcoin to decisively break above $71,693 and ultimately reclaim $80,000.
(Source：BeInCrypto)