CryptoQuant data shows this Bitcoin drawdown is more severe than early 2022. Since BTC slipped below its 365-day moving average in November, price is down 23%, compared to just 6% in the same window in 2022.
Momentum is deteriorating, and analysts warn of a potential retest of the $60K–$70K support zone — with risk skewed lower
What the market is saying right now:
Technical stance right now:
Signals: Strong Sell (19) | Neutral (4) | Buy (1)
Price: ~$70,850 and sliding
Intraday models leaning heavily bearish
Key levels to watch this week:
🧱 Resistance: $69K–$71K
🎯 Downside targets: $62K → $60K → $56K
Danger zone: A daily close below $60K opens the door to low-$50Ks
Big picture takeaway:
Short-term structure: Strong Sell
7-day forecast: ~ $56,800
ETF flows: showing institutional selling pressure
Sentiment: drifting toward Extreme Fear
“Bitcoin pullback is deeper, slower, and more structural than the 2022 correction.
If $60K fails to hold, $56K–$58K becomes the next real test. Bulls need a reclaim above $72K to invalidate the bearish setup.
