#比特币市场情绪与技术面 Damn, is Bitcoin really entering a bear market? The 365-day moving average has been broken, and ETFs are still net selling. The previous wave of "Bitcoin Treasury" hype has also faded, and now the demand has directly fallen below the trend line. This is a classic case of structural reset.

The BCMI indicator has been declining steadily, and although it hasn't reached the historical bottom range of 0.25-0.35 like in 2019, it has been dropping from over 0.5, indicating that this is not just a simple correction but a transition into a bear market phase. Also, look at the growth of addresses holding 100-1000 BTC, which is starting to worsen. This pattern is exactly the same as at the end of 2021.

So, friends still chasing hot coins and airdrops need to be cautious now. The market trend has shifted, and the previous FOMO-driven surge is unlikely to be repeated. Instead of rushing in blindly, it's better to wait for the market to cool down completely and bottom out before making moves. The historical data is right there.