CryptoQuant: Bitcoin rebound may be a bear market recovery, trend similar to 2022
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On January 17, CryptoQuant analysis stated that the recent approximately 21% rise in bitcoin is more like a brief rebound in a bear market rather than a sustained recovery, as market demand remains weak. Bitcoin previously rebounded after falling below the 365-day moving average but failed to reclaim this average (around $101,000), showing a trend similar to 2022. CryptoQuant pointed out that the failure to break through the moving average has often triggered a new round of declines in past bear markets, and current technical indicators show that the market is still in a bear phase.
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