Crypto Market Remains Under Bearish Control as Bitcoin Trades Below Key Moving Average

The crypto market has shown signs of recovery after losing over 2% in value compared to seven days ago. Despite this, bears remain in control as Bitcoin continues to trade below its 50-day moving average for the fourth day in a row.

The price of Bitcoin pulled back to $63.3K after an earlier attempt to break above it, and now needs to break out of the $62-65K range before volatility can be expected.

Santiment believes that the growing pessimism surrounding the market may attract long-term buyers, while DeFi Report estimates that 85% of the bear cycle has already passed, making the next phase crucial in determining its future direction.