According to technical analysis, Bitcoin's current price action bears similarities to the pattern preceding the 2022 bear market. After recently breaking below the critical 50-week simple moving average (SMA), Bitcoin has entered a consolidation phase, with failed bounces reminiscent of the 2021-2022 transition period. The Relative Strength Index (RSI) has also fallen below the 45 level, signaling weakening momentum. These combined technical signals suggest that the market may experience another significant decline before a potential bottom and rebound.

BTC2.59%

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