Bitcoin mirrors 2022 bear market pattern

CryptoQuant analysis suggests Bitcoin's recent price action is echoing patterns observed during the March 2022 bear market. The cryptocurrency encountered resistance at its 200-day moving average, a level that previously marked a significant downturn. This technical indicator, combined with a shift in market sentiment towards extreme bearishness, raises concerns about a potential continuation of the downtrend. Investors are closely watching these signals for further indications of market direction.