Bitcoin Faces Bear Market with Potential Mild Impact

Bitcoin has officially entered a bear market, marked by a 38% decline from its all-time high. According to NS3.AI, the Relative Strength Index (RSI) has fallen below 50, further confirming the bearish trend. The 200-week Exponential Moving Average (EMA) and realized price levels are also decreasing, approaching $58,000 and $55,000, respectively, indicating potential further downside. Despite these indicators, the anticipated bear market might be less severe due to the weaker momentum of the preceding bull market.