On-chain analytics firm CryptoQuant stated that Bitcoin's current trend is similar to the bear market phase of March 2022, with market sentiment returning to the 'extremely bearish' zone. The report mentions that Bitcoin's recent rebound was blocked near the 200-day moving average at around $82,400, then fell back to around $76,000. This pattern resembles the 'rebound followed by another drop' seen during the 2022 bear market. CryptoQuant pointed out that Bitcoin demand has shifted to contraction, speculative demand for perpetual contracts has significantly slowed, and U.S. spot Bitcoin ETFs have turned to net selling. Meanwhile, Coinbase's Bitcoin premium remains negative, indicating that U.S. institutional and retail funds have yet to flow back into the market. (The Block) https://(wublock123.com)/news/cryptoquant-bitcoin-recreates-2022-bear-market-pattern-extremely-bearish-sentiment-61410