Bitcoin Bear Market Hits Day 359
The Bitcoin bear market is now 359 days old, marking a critical milestone in the cryptocurrency's price action. This count matters because earlier cycle lows took longer to form, with the previous two lows landing at 363 and 376 days, respectively.
Bitcoin's current low of $57,800 on July 1, 2026, was roughly 54% below its peak of $126,200. The market has since climbed about 44% off that low, with the 200-day average of daily closes sitting near $71.3K.
Bitwise's head of research, Ryan Rasmussen, believes the market bottomed around $60K. However, this cycle has already broken the pattern of earlier cycle lows landing after day 360.
A recent rumor suggested that the Federal Reserve would announce emergency QE at 3 p.m. Eastern, but it was later revealed that Governor Christopher Waller was simply giving a speech on payments at the Sibos conference in Miami Beach.