According to The Block, Julio Moreno, head of research at CryptoQuant, stated that Bitcoin's trend mirrors the bear market pattern of 2022. Technically speaking, Bitcoin has encountered resistance at its 200 day moving average around $82400, similar to the situation where it hit the average after rebounding 43% in March 2022. Moreno pointed out that the 200 day moving average is the boundary between rebound and trend continuation in a bear market, and failure to break through indicates that the bear market structure is still intact. On the demand and funding side, Bitcoin demand has turned negative, perpetual futures speculative demand has slowed down after breaking through $82000, and spot demand is also accelerating its contraction.
