[Analyst: Bitcoin is caught between seller exhaustion and weak spot demand, direction remains unclear] CryptoQuant analyst Darkfost compared the historical bear market drawdowns: 2014 -92%, 2015 -82.5%, 2018 -83%, 2022 -75.5%, while the current cycle has only retraced 52.5% so far, the smallest in history. He stated that it is still hard to believe the bear market will end here. Bitcoin is walking a tightrope between seller exhaustion and extremely weak spot demand, with the direction remaining unclear.