CryptoQuant: Current BTC bear market more negative than 2022

The current Bitcoin bear market is more negative than the one in early 2022, according to an analysis by CryptoQuant. The firm explained that BTC has fallen 23% in the roughly 83 days since it dropped below its 365-day moving average last November. This is a significantly larger decline than the 6% drop seen over the same period in 2022. CryptoQuant noted this indicates that downward momentum is deteriorating more rapidly in the current cycle. The firm added that BTC has lost key support and could potentially retest the $60,000 to $70,000 range.