Bitcoin faces renewed bear market pressure after failing to overcome a critical technical resistance level. Analysts report demand has flipped to contraction, mirroring a pattern from March 2022 that preceded a deep decline. Key on-chain support lies near $70,000, but a break below could lead to new lows.
Bitcoin has hit resistance at its 200-day moving average and shows signs of a trend reversal. This closely mirrors a March 2022 pattern where a 43% rally stalled before a significant decline. CryptoQuant stated “Overall, Bitcoin demand has flipped into contraction.”
The platform’s Bull Score Index has declined back to extreme bearish territory at 20. This score is consistent with deep bear market readings from February and March when prices fell to $60,000. Historically, this reading has preceded further price weakness or extended consolidation.
If the correction continues, the $70,000 level represents the primary on-chain support target. Analysts noted this level has functioned as a precise inflection point throughout the current bear market cycle. A break below this back into the $60k zone could result in new bear market lows.
Glassnode reported Bitcoin reclaimed the True Market Mean at $78,300 but failed to sustain above it. It noted the correction from recent highs is likely to continue if previous cycle patterns repeat. “Any deeper correction would reframe the recent rally as a local top within the ongoing bear market,” its report stated.
Swissblock reported Bitcoin momentum has faded from full max momentum. It remained cautiously bullish, stating that as long as momentum does not degrade significantly, the base case is consolidation, not breakdown. The firm referenced a similar pattern from June–July 2025.
Bitcoin gained 1.7% over 24 hours, tapping $78,000 twice during Thursday’s Asian trading session. This level remains a resistance zone that needs to be overcome for BTC to reach $80,000 again. Volumes and sentiment suggest it may be thwarted here again.
