coin-img-OWLOWL+5.76%coin-img-FOGOFOGO-0.05%coin-img-SPORTFUNSPORTFUN-5.69%coin-img-XUEQIUXUEQIU-3.20%coin-img-ETHETH+1.20%coin-img-BTCBTC+0.43%coin-img-SOLSOL+0.51%coin-img-XRPXRP+1.47%coin-img-OWLOWL+5.76%coin-img-FOGOFOGO-0.05%coin-img-SPORTFUNSPORTFUN-5.69%coin-img-XUEQIUXUEQIU-3.20%coin-img-ETHETH+1.20%coin-img-BTCBTC+0.43%coin-img-SOLSOL+0.51%coin-img-XRPXRP+1.47%coin-img-OWLOWL+5.76%coin-img-FOGOFOGO-0.05%coin-img-SPORTFUNSPORTFUN-5.69%coin-img-XUEQIUXUEQIU-3.20%coin-img-ETHETH+1.20%coin-img-BTCBTC+0.43%coin-img-SOLSOL+0.51%coin-img-XRPXRP+1.47%coin-img-OWLOWL+5.76%coin-img-FOGOFOGO-0.05%coin-img-SPORTFUNSPORTFUN-5.69%coin-img-XUEQIUXUEQIU-3.20%coin-img-ETHETH+1.20%coin-img-BTCBTC+0.43%coin-img-SOLSOL+0.51%coin-img-XRPXRP+1.47%

CryptoQuant: Bitcoin's 21% Rise Since Nov. 21 Resembles Bear Market Rally

Bitcoin's roughly 21% price increase since Nov. 21 looks more like a bear market rally than a sustained recovery, as market demand remains weak, CryptoQuant said in a Friday report. The firm noted Bitcoin previously fell about 19% and dropped below its 365-day moving average, which it views as a key boundary between bull and bear conditions, and the latest rebound closely mirrors 2022 price action. After a similar break below the 365-day moving average in 2022, Bitcoin staged a strong rebound but stalled near that level and then resumed its decline, CryptoQuant analysts said, adding that Bitcoin is again approaching this long-term moving average, currently around $101,000, but has not yet reclaimed it. Past bear markets showed that failures to recover this moving average often preceded a new leg down, and despite many market participants believing the bear market has ended, fundamental and technical indicators still suggest Bitcoin remains in a bearish phase, the company said.
BTC
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