Bitcoin’s Recovery Threatened? Key Indicator Signals Bear Market

Recent data reveals that Bitcoin’s network adoption is mirroring ‘bear market’ levels, potentially hindering the cryptocurrency’s short-term recovery prospects. On-chain analyst JA Maartun highlighted this slowdown in activity as a sign of the current market conditions. The analysis points to reduced demand for Bitcoin (BTC) reflected by slow network activity below the 365-day moving average, mirroring similar situations seen in 2022 and 2018. This slowdown has historically limited Bitcoin’s price upside in the near term.