CryptoQuant analyst: Market has entered a bear phase

The crypto market has entered a bear phase, according to Julio Moreno, a senior analyst at CryptoQuant. He argued that it is historically very difficult for Bitcoin to recover after falling below its 365-day moving average. Moreno stated that a complete reversal in demand, investor sentiment, and capital flows would be required to change the current market trajectory. He added that he would alter his perspective if the underlying data shows significant improvement.