Analysts Warn of Extended Downturn as Bitcoin Struggles at $68K

More and more peak bear market signals are flashing up on the Bitcoin charts, leading analysts to believe that the pain is not over yet, but we may be nearing the bottom.

Bitcoin has now closed for a third week below the 100-week moving average and has been under this long-term trendline for 13 days, observed Coin Bureau CEO Nic Puckrin on Monday.

Historically, BTC has remained below this for an average of 267 days, with the shortest period at 34 days during the Covid flash crash in March 2020, he added, before predicting it could stay below this for longer.

Further Losses Make Accumulation Opportunities

Meanwhile, MN Fund founder Michaël van de Poppe said the “holder’s supply in profit/loss is rising,” which means more people aren’t profiting from Bitcoin, and the loss is growing significantly.

“This is something we’ve only been seeing during peak bear markets in 2015, 2018, and 2022,” he said, before adding that it should provide accumulation opportunities.

CryptoQuant founder Ki Young Ju was also bearish, stating, “Bitcoin is not pumpable right now.”

Selling pressure is too heavy for any multiplier effect, he said before adding that digital asset treasuries “won’t work until it becomes pumpable again.”

Glasnode reported on Monday that the unrealized market loss of $70,000 is approximately 16% of the market cap.

“Bitcoin volume is telling,” observed analyst ‘Sykodelic’. “On the nuke to $60k we hit the fourth largest volume period since the 2022 bottom,” he said.

However, the analyst also said that each period since then that has recorded volume to this degree “has marked a key pivot in price direction,” questioning whether $60,000 was the bottom.

Bitcoin Loses $70K Level Again

The bearish sentiment is for good reason. Bitcoin fell below $70,000 twice on Monday and traded around $69,000 on Tuesday morning in Asia.

The asset has been consolidating around this level since recovering from its crash to $60,000 on Friday. It remains down 44% from its peak and is in bear-market territory, with the path of least resistance downward.

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