Benjamin Cowen argues BTC may not be out of the bear market yet.

The key signal?

📉 BTC was rejected again near the 200-day MA

💵 Stablecoin dominance is rebuilding strength

📊 Market structure looks similar to 2018

⚠️ Bullish sentiment is rising while risk remains elevated

In 2018, BTC made a Feb low → April higher low → May rejection at the 200D MA → then a sharp June breakdown below the Feb low.

Cowen’s view: if this fractal repeats, BTC could still sweep lower liquidity before a real macro bottom forms.

👉My take: This is not a “panic sell” signal — it’s a risk management warning.$BTC #btc70k