Will Bitcoin Relive the Nightmare of 2022? Bear Market Fears Spread

Source: DigitalToday Original Title: Is Bitcoin Repeating the Nightmare of 2022? Bear Market Fears Spread Original Link: Bitcoin is showing a structure reminiscent of the early 2022 bear market, having failed to rebound from $93,000.

According to blockchain media outlet Cointelegraph, on-chain analytics firm Glassnode has assessed that Bitcoin’s market structure has become similar to Q1 2022. In other words, if it loses a key support level, it could fall to $68,100.

Notably, Bitcoin is currently being supported at its “True Market Mean” of around $81,500, but there are concerns that if this level breaks, it could enter a deep bear market similar to 2022.

CryptoQuant’s “Bull Score Index” has also recently plunged, sending bearish signals at levels seen in January 2022. If the $91,000 support breaks, it could drop to $68,150, and momentum indicators such as the RSI are also supporting the downward trend. However, it was added that if Bitcoin breaks through $96,000, the bearish pattern may be invalidated.

Market indicators still show that downward pressure is prevailing. While there are warnings that breaking the current support could open the way to the $68,000 range, there is also an outlook that if the short-term resistance is broken, the bearish trend could quickly reverse.