Crypto Market Struggles Amid Bear Cycle Fears and Technical Signs

The crypto market continues to struggle, with Bitcoin (BTC) trading at around $61,749 after a 2.89% drop this week.

Ethereum's weekly death cross has been confirmed for the first time in years, with its 50-week EMA now below its 200-week EMA, and traders are pricing a 72.3% chance ETH hits $1,500 before it sees $3,000 again.

The Fear & Greed Index sits at 23 (extreme fear), spot Bitcoin ETFs just ended a 10-day, $2.7 billion outflow streak.

Despite the grim mood in the market, every major Bitcoin bear cycle since 2009 has ended with a flush, an extreme fear reading, and a moment where the obvious trade looked like going short.