Analysis: Bitcoin's drop below the 200-week moving average may indicate it has entered a deep bear market phase.

Data shows that Bitcoin has fallen below its 200-week moving average (EMA), potentially entering a deep bear market. Nick Ruck, Director at VRG Research, stated that the Bitcoin decline occurred against a backdrop of heightened risk aversion, stemming from weak signals in the US job market, including rising unemployment claims, raising doubts about a sustained economic recovery and the Federal Reserve's potential cautious approach to aggressive interest rate cuts. Jeff Ko, Chief Analyst at CoinEx Research, pointed out that Bitcoin's more than 20% pullback within a week coincided with a sell-off in US tech stocks, as investors reassess Bitcoin's failure to serve as a safe haven compared to gold. Overall, market sentiment has weakened significantly in the short term, but institutional and long-term investors are still observing the impact of changes in the macroeconomic and liquidity environment on crypto assets. (Cointelegraph)