🚨Bear Flag Could Drag $BTC to $68K! ⚡📉
Bitcoin (BTC) $92,459 is showing early signs of a deeper correction as the recent recovery pauses near $93,000. On-chain data suggests the market structure is increasingly mirroring early 2022, a period that marked the beginning of a major bear market.
🧐 On-Chain Signals
• BTC found support near its True Market Mean ($81,500), representing the cost basis of all active coins (excluding miners)
• Historically, drops below this level led to massive losses - in 2022, BTC plunged 61% after breaking this floor
• Supply Quantiles Cost Basis shows a fragile balance: top buyers may capitulate while sellers could exhaust themselves
• CryptoQuant’s Bull Score Index sits deep in bearish territory (0–20 range), mirroring January 2022 levels
📉 Bear Flag in Focus
• $BTC attempted a recovery but stiff resistance at $93,000 halted gains
• Break below $91,000 validates the bear flag → measured target: $68,150
• Momentum indicators remain weak: RSI at 40, favoring downside pressure
🔮 Bullish Scenario
• $BTC bulls must push above $96,000 with a strong Coinbase Premium to invalidate the bear flag
• Until then, the path of least resistance remains downward, leaving traders cautious and eyes glued to key levels
