Bitcoin’s decline into a bear market is progressing faster and deeper than in the previous cycle, according to on-chain analytics platform CryptoQuant. Since falling below its 365-day moving average in November, BTC has dropped 23 percent in just 83 days, compared to a 6 percent decline over the same period in early 2022. CryptoQuant noted that momentum is deteriorating faster this cycle.
The cryptocurrency peaked at $126,000 in early October, but following the October 10 liquidation event, key indicators turned bearish. Bitcoin has since fallen to $71,000, lost major support levels, and may be targeting $70,000 to $60,000. The coin has also been rejected three times at the “Traders’ On-chain Realized Price” and recently dipped below its lower band, previously a bull market support.
Sentiment in the market has turned extremely negative, with both Bitcoin and Ethereum facing heavy pessimism, according to Santiment. Glassnode reported that BTC’s bear market continues as profitability resets, realized losses increase, spot demand remains weak, and leverage unwinds. The crypto Fear and Greed Index has plummeted to record lows around 12, signaling widespread panic.
The broader crypto market is also under pressure. Total market capitalization fell 4.4 percent to $2.53 trillion, its lowest since April 2025. Bitcoin slipped below $71,000 during early trading in Asia and is heading toward support near $65,000. Ethereum has dropped below $2,100 and is on a path to previous cycle lows. Most altcoins are performing even worse, down roughly 80 percent from their peaks.
