#BitcoinHitsBearMarketLow As of February 5-6, 2026, Bitcoin's technical and on-chain position shows a clear bearish turn:
· Price Action: Broke below $70,000, hitting $67,675. Down ~20% this week and ~30% over the past year.
· Cycle Drawdown: Down roughly 41-45% from the ~$126,000 October 2025 peak.
· Critical Technical Level: Price is below its 365-day moving average (~$101,448) for the first time since March 2022.
· Market Health: CryptoQuant's Bull Score Index is at 20/100 ("extreme bear territory").
Key Factors Driving the Bear Market
1. Eroding Investor Confidence & Narrative Shift
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