BEARISH 📉 : Bitcoin falls below $70,000 as bear market deepens

Bitcoin Market Update

Bitcoin #BTC fell below $70,000 on February 5.
PlanB outlined four potential scenarios for Bitcoin's price movement during the current bear market:

An 80% drop from its all-time high (ATH) of $126,000, bringing it down to $25,000.
A decline towards the 200-week moving average, with prices between $50,000 and $60,000.
A mild decrease just above the previous ATH, around $69,000 to $70,000.
The recent low of $72,900 could represent the bottom.

Bitcoin ended January near $78,000, marking a 40% decline from its October peak of $126,000. The Relative Strength Index (RSI) closed at 49, indicating a downtrend.
Historical RSI conditions in 2014, 2018, and 2022 also aligned with bear phases.
The total crypto market cap has dropped 25% over the past month, with stablecoin dominance reaching a 2.5-year high, indicating investor caution.
Institutional investors, including Trend Research and the Bhutan government, have sold parts of their crypto holdings.
Bitcoin has breached the 100-week moving average support, historically leading to declines toward the 200-week level before recovery.
The current cycle might be progressing faster than usual, with Bitcoin peaking earlier than expected in October. Bear markets typically last about 12 months, but a faster pace could mean a bottom forms between June and August.