CryptoQuant: Bitcoin falls below its 365 day moving average for the first time since March 2022, or further dips into the $60000- $70000 range According to the weekly report released by CryptoQuant, the Bitcoin market has entered a bear market phase. The following are the main analysis points: On chain indicators show bear market signals: Bitcoin price reached a high of $126000 in early October 2025, with a bull market rating index of 80 (bullish) at that time. But after the liquidation event on October 10th, the index turned bearish and has now dropped to zero. The current Bitcoin price is hovering around $75000, indicating a weak market structure. Institutional demand has significantly decreased: In 2025, US spot ETFs purchased 46000 BTC, while in 2026, they sold a net of 10600 BTC, resulting in a demand gap of 56000 BTC compared to last year, continuing to exert selling pressure. Low demand for US spot goods: Despite price declines, Coinbase premiums have remained negative since mid October 2025, indicating low investor engagement in the US. This is in stark contrast to the bull markets driven by US demand in history. Tightening liquidity conditions: USDT's market value growth has turned negative for the first time in the past 60 days (-133 million US dollars), marking the first contraction since October 2023. The expansion of stablecoins reached a peak of $15.9 billion by the end of October 2025, and the current decline is in line with the characteristics of a bear market liquidity contraction. In addition, the explicit spot demand growth has plummeted by 93% in the past year, from 1.1 million BTC to 77000 BTC. Technical structure shows downside risk: Bitcoin price has fallen below the 365 day moving average for the first time since March 2022 and has dropped 23% in 83 days, showing a weaker performance than the bear market at the beginning of 2022. The loss of support levels on the key chain indicates that Bitcoin may further decline to the $60000- $70000 range.