Bitcoin may set the longest consecutive decline record since the 2018 bear market, with the drop nearing historical extremes

If Bitcoin closes down, it will record its fifth consecutive month of decline, setting the longest losing streak since the 2018 bear market. The current decline has reached 13.98%. Since its historical peak, Bitcoin has accumulated a decline of 52.44%, just 3.82 percentage points away from the maximum drawdown of the 2018 bear market, taking only 123 days.

The total market capitalization of the overall cryptocurrency market is reported at $2.33 trillion, down 1.33% in the last 24 hours. Although the Fear and Greed Index has risen from 8 to 12, it remains in the "extreme fear" range. The prediction market Myriad traders currently bet that Bitcoin is more likely to reach $55,000 before $84,000, with a probability of 60%. Technically, Bitcoin's price is still operating below the 200-day Exponential Moving Average (EMA200), and the EMA200 is below the EMA50, indicating that bearish momentum is dominant. The Relative Strength Index (RSI) is at 34.7, in the bearish range; the Average Directional Index (ADX) has reached 56.4, showing a strong current downtrend. Analysts point out that to reverse the trend, Bitcoin needs to regain the $100,000 level or form a structural reversal pattern with consistently higher lows. Currently, the market remains in a historically prolonged downtrend phase.