Bitcoin’s price retreated again after reaching the 200-day moving average level, with analysts noting that the current outlook indicates a continuation of the bearish trend.
According to analysts at the on-chain data platform CryptoQuant, the current price movement exhibits a pattern quite similar to that seen in March 2022.
The analysis noted that Bitcoin rose approximately 43% in 2022 before reaching its 200-day moving average, but returned to a downtrend after being rejected from that level. It also stated that in the current cycle, a significant contraction in demand occurred after Bitcoin surpassed the $80,000 level.
According to CryptoQuant data, speculative demand, particularly in futures markets, reversed sharply, while superficial demand in the spot market weakened even faster. Furthermore, US spot Bitcoin ETFs returned to net selling territory for the week. Demand growth over the last 30 days reportedly fell to its lowest level in about a month. Analysts argue that the simultaneous negative turn in these three key demand indicators completely undermines the foundations of the recovery seen in April and May.
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On the other hand, the continued weakness in demand from US investors reinforces the negative outlook in the market. The fact that Coinbase’s Bitcoin premium remained in negative territory throughout both the rise and the pullback was interpreted as an indication that US institutional and individual investors are still avoiding risk.
It was reported that CryptoQuant’s bullish rating index dropped from 40 to 20, indicating an “extremely bearish” zone. Analysts noted that these levels are similar to the deep bear market data from February-March 2026, when Bitcoin fell to the $60,000-$66,000 range.
According to the analysis, if the pullback continues, the $70,000 level will stand out as the main support zone for Bitcoin. It was added that this level has acted as a significant support and resistance boundary in past bear markets.
*This is not investment advice.
