Analysis: Bitcoin has fallen below the 200-week moving average and may have entered a deep bear market phase

Data shows that Bitcoin has fallen below the 200-week moving average (EMA) and may have entered a deep bear market phase.

Nick Ruck, Director of VRG Research, stated that the decline in Bitcoin occurred against a backdrop of heightened risk-averse sentiment, driven by weak signals from the U.S. labor market, including an increase in unemployment claims, raising doubts about the economy's continued strength and the Federal Reserve's cautious stance on aggressive rate cuts. Jeff Ko, Chief Analyst at CoinEx Research, pointed out that Bitcoin's over 20% pullback within a week coincided with a sell-off in U.S. tech stocks, as investors reassess Bitcoin's failure to act as a safe haven compared to gold. Overall, market sentiment has significantly weakened in the short term, but institutions and long-term investors are still observing how changes in the macroeconomic and liquidity environment affect crypto assets.