Bitcoin has just surpassed a critical limit that changes the game. According to CryptoQuant, breaking its 365-day moving average is no longer just a simple technical signal: it marks a clear entry into a new bear cycle. This decline occurs in a context of a pullback in institutional demand and deteriorated on-chain signals. The upward momentum now seems to be in the past, replaced by a market dynamic structured around caution, waiting... and the risk of prolonged decline.$BTC