The recent sharp decline in the cryptocurrency market has turned analysts’ attention to comparisons with previous bear markets. Intra-blockchain analysis platform CryptoQuant reported that the current bear cycle started weaker compared to 2022, and the loss of momentum occurred faster. Bitcoin, which has been hanging below important technical levels since November, experienced a high rate of depreciation in a short time. According to experts, this picture shows that investor confidence is rapidly eroding and the fragility in the market is deepening.
Technical Outlook in Bitcoin is Weakening Rapidly
According to CryptoQuant data, Bitcoin lost 23 percent of its value in just 83 days after falling below the 365-day moving average in November. The fact that the decline at the beginning of 2022 remained at 6 percent in the same period reveals that the current cycle is progressing more harshly. The platform emphasizes that the current performance is more negative than the beginning of the previous bear market.
Reaching the level of 126 thousand dollars at the beginning of October, Bitcoin exhibited a strong rise during the period when the “Bull Score Index” indicator was at the level of 80. However, after the liquidation wave on October 10, the index began to decline rapidly and fell to zero. The price dropped to 71 thousand dollars, indicating that structural weakness was widespread.
Analysts point out that Bitcoin has been rejected three times from the important support and resistance level known as “Traders’ On-chain Realized Price”. In addition, the price falling below the lower band of this indicator shows that the areas that served as support during the bull period have no longer functioned. CryptoQuant states that the price can target the range of 70 thousand to 60 thousand dollars.
Market Sentiment and Pressure on the Crypto Ecosystem
Data shared by Santiment revealed that the perception towards Bitcoin and Ethereum has fallen to extremely negative levels after the sharp decline in recent weeks. The platform states that periods when individual investors exhibit intense pessimism may increase the likelihood of short-term recovery. Historical data shows that the market often moves against retail investor sentiment.
Glassnode reports that the bear market is getting harder as profitability rebalances and realized losses increase. Weak spot demand and unwinding of leveraged positions are among the main factors that increase the pressure on the price. At the same time, the Fear and Greed Index’s decline to 12 reveals that panic is widespread in the markets.
With the latest decline, the total cryptocurrency market value decreased by 4.4 percent to $2.53 trillion, reaching the lowest level since April 2025. Bitcoin, which fell below 71 thousand dollars in Asian transactions, is heading towards the support zone around 65 thousand dollars. Ether’s collapse below $2,100 and altcoins’ losses of up to 80 percent from their peaks indicate deepening market-wide weakness.
