Bitcoin (BTC) has declined 23% in just 83 days since dropping below its 365-day moving average in November, a pace that on-chain analytics platform CryptoQuant says represents a steeper deterioration than the 6% decline recorded over the same period during the early 2022 bear market.

What Happened: BTC Momentum Weakens

CryptoQuant reported Wednesday that momentum is deteriorating faster in this cycle than during the previous bear market that began in January 2022.

The asset peaked at $126,000 in early October when CryptoQuant's Bull Score Index stood at 80. Following an Oct. 10 liquidation event, the index turned bearish and has now fallen to zero while the price dropped to $71,000.

The platform noted Bitcoin has lost key support levels and may be targeting a range between $70,000 and $60,000. Bitcoin was rejected three times at the "Traders' On-chain Realized Price," a metric that acted as support during the bull market, and recently crossed below its lower band.

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Why It Matters: Analysts Signal Deeper Weakness

Analytics firm Santiment reported that sentiment has turned extremely bearish toward Bitcoin and Ethereum (ETH) following the past week's downturn. The firm noted that markets often move opposite to retail trader sentiment and argued a short-term relief rally remains possible while smaller traders show disbelief.

Glassnode reported that profitability is resetting, realized losses are rising, spot demand remains weak, and leverage is unwinding. The crypto Fear and Greed Index has fallen to around 12, near all-time lows.

Total market capitalization declined 4.4% to $2.53 trillion Thursday, its lowest level since April 2025. Bitcoin fell below $71,000 during Asian trading, heading toward support near $65,000, while Ethereum crashed below $2,100.

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