Bitcoin’s Bear Market: A Comedy of Errors and Wallet Woes

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Ah, the price of Bitcoin, that elusive creature, dances a sulky jig a staggering 45% shy of its glorious zenith of $126,080. One cannot help but wonder if it is merely taking a leisurely stroll through the depths of despair, reflecting the dismal climate that has enveloped the market of late. Lo and behold, our dear crypto researcher, with all the pomp of a modern-day oracle, has unveiled the harbinger of this bear market: the dreadful crossing of the 365-day moving average like a shipwrecked sailor navigating treacherous seas.

BTC Price Is 30% Below 365-Day Moving Average

In an audacious proclamation via the social media platform X, the illustrious Julio Moreno, CryptoQuant’s head of research, has dared to compare our present plight with the bear markets of yore. He defines the genesis of our current woe as the moment Bitcoin, in a fit of dramatic folly, dipped beneath the sacred 365-day SMA. According to our dear expert, the esteemed cryptocurrency finds itself languishing a full 30% below this benchmark, thus securing its place among the most lamentable bear seasons in recent memory.

Observe, if you will, the chart above, which paints a rather gloomy picture indeed. One might recall with fondness the 2014 bear market when our beloved Bitcoin was down merely 20% at this point-a veritable picnic compared to today’s somber feast of losses. The 2018 season regaled us with similar trivialities, with the price awash in a mere 20% decline. Yet, in the grand theatrics of 2022, our protagonist succumbed to pressures far beyond the pale, plummeting a ghastly 60% from the 365-day moving average.

This curious trend unfolds amidst claims that Bitcoin has matured into a respectable asset class. Ah, but maturity, it seems, is no shield against the tempestuous whims of volatility, particularly at the onset of a bear market. It is as if the cryptocurrency, in its infinite wisdom, chooses to frolic amid chaos.

And so, as we ponder when this beleaguered Bitcoin shall find its nadir, one must consider the conditions ripe for a revival. Among these, the apparent demand metric remains a woeful tale, deteriorating week by week, much like a fine wine left uncorked. The outflow numbers from US-based Bitcoin ETFs reveal a capital constraint that is nothing short of tragic for our premier cryptocurrency.

Bitcoin Price At A Glance

As we pen these words, the price of BTC stands at a robust $70,500, boasting a scintillating over 2% uptick in the past 24 hours-as if the cryptocurrency were a phoenix rising, albeit very slowly, from the ashes of its own misadventures.

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2026-02-08 15:56