Bitcoin and COIN50 Dip Below 200-Day Moving Average: Signs of Bear Market

Cryptocurrency markets are showing signs of a potential downturn, with both Bitcoin and the COIN50 index falling below their key 200-day moving averages. According to Coinbase Research, this trend signals an ongoing bear market phase in the industry. David Duong, Global Head of Research at Coinbase Institutional, highlighted that the decline in Bitcoin and the COIN50 index is a clear indication that a bear market may be underway. This data comes from a technical analysis model, where the 200DMA helps identify market downturns, particularly prominent in recent history with past crashes like 2018-2019 and the COVID-19 pandemic.