People are gradually emerging from the fear dominated by 3·12. The previous 312 can be considered a disaster day for the cryptocurrency market, as all positions with more than 0.5 times leverage were completely liquidated. Since then, every March 12 has seen a short-term pullback influenced by fear. This year, the impact on cryptocurrency prices seems smaller. Of course, this might also be related to the recent significant declines.

When there is no more room to fall, it still takes time to slowly grind out of the bear market, which may take one or two months, or even half a year. The longest bear market previously lasted two and a half years.