Bitcoin (BTC) is now additional under a key shifting common than it was on the time of the March 2020 COVID-19 crash.

In a Jan. 4 tweet, widespread dealer and analyst Rekt Capital revealed simply how exceptional the present Bitcoin bear market actually is.

BTC worth 200 week shifting common out of vary

Bitcoin has not solely spent extra time under its 200-week shifting common (WMA) than ever earlier than, however is now additional under it than at any time in historical past.

Trying on the weekly BTC/USD chart, Rekt Capital confirmed that BTC/USD was trading round 37% under the 200 WMA on Jan 4.

That is “decrease than the -31% retracement in March 2020.”

The numbers provide an fascinating studying in a bear market that has but to see BTC worth retracements from all-time highs that rival earlier lows on a share foundation.

In March 2020, Bitcoin abruptly misplaced 60% in a matter of days as markets reacted to the primary wave of mass coronavirus lockdowns.

On the time, nevertheless, the most important cryptocurrency spent lower than two weeks under the 200 WMA – a transparent distinction to 2022. BTC/USD misplaced the trendline seen within the 2018 bear market final August and has since did not reclaim it .

Annotated BTC/USD chart. Supply: Rekt Capital/ Twitter

S&P 500 Faces ‘March Cycle Low’

The state of affairs can worsen.

Associated: Bitcoin analyst identifies key new ranges as Ethereum worth nears 3-week high

Analysts are at present betting that Q1 will present one other check of bulls resolve, even when it in the end ends with BTC worth motion higher than present.

In the meantime, for dealer, investor and entrepreneur Bob Loukas, correlated markets might see their macro backside within the coming quarter.

Loukas analyzed the S&P 500 on weekly time frames and described final 12 months’s crash as unprecedented in its textbook nature.

“It was the cleanest inventory bear market decline I’ve ever seen,” he advised his Twitter followers.

“Presently pointing to declines to a March cycle low.”S&P 500 annotated chart. Supply: Bob Loukas/Twitter

Bitcoin has outperformed each stocks and gold because the FTX meltdown, Cointelegraph reported, leaving the door open for what optimists hope will likely be a “catch-up.”

Late final month, David Marcus, CEO and founding father of bitcoin agency Lightspark, predicted that the “crypto winter” would stretch into 2023 and even prolong past Bitcoin’s subsequent block subsidy halving.

The views, ideas, and opinions expressed herein are solely these of the authors and don’t essentially replicate or signify the views and opinions of Cointelegraph.