Bitcoin's attempt to reclaim support levels has failed, with traders remaining cautious about price action. Analysts suggest it is premature to declare the bear market over, noting Bitcoin is still early in its current cycle compared to previous downturns.
BTC/USD saw losses exceed 1% as the price retreated, focusing on the $67,000 mark. Previous gains had tested resistance at the 200-week exponential moving average and the 2021 all-time high, both of which were rejected.
Experts like Rekt Capital emphasize that as long as Bitcoin stays below the 200-week EMA, further downside is historically favored. The current bear market, at approximately 140 days, is significantly shorter than the 365-day minimum observed in past cycles.
Further analysis indicates that Bitcoin's recent drawdown of around 53% from its all-time high is less severe than the typical 80% drops seen in previous bear markets. Traders are advised to remain patient, as key indicators on the one-month and one-week charts show no signs of reversal.
