CryptoQuant: Bitcoin's price action is similar to the 2022 bear market pattern, and market sentiment has turned "extremely pessimistic."

CoinFeed reported on May 21st that, according to The Block, Julio Moreno, Head of Research at CryptoQuant, stated that Bitcoin's price action is mirroring the 2022 bear market pattern as market sentiment turns "extremely pessimistic." Technically, Bitcoin's recent rebound encountered resistance at the 200-day moving average near $82,400, consistent with the situation in March 2022—when Bitcoin rebounded 43% from its lows before hitting this moving average and resuming its downward trend. Moreno pointed out that in a bear market, the 200-day moving average is the dividing line between rebound zones and trend continuations; failure to break through this line is the strongest technical confirmation of a intact bear market structure. Regarding demand and funding, Bitcoin demand has turned negative, with speculative demand for perpetual futures slowing sharply after breaking through $82,000, and spot demand contracting rapidly.