Bitcoin Price Slide May Be Slowing Down, But Bear Market Still in Play

Bitcoin's recent price behavior has sparked hopes among analysts that the cryptocurrency's slide may be slowing down. While the market is still in a bearish trend, some indicators point to a possible shift towards stability.

The decline in volatility and strengthening ETF flows are seen as positive signs by analysts. Additionally, the reduction in Coinbase discount suggests that selling pressure may be easing. However, these developments do not necessarily indicate a reversal from the bear market yet.

According to 10x Research, Bitcoin's failure to accelerate lower on risk-off headlines is a signal that downside pressure may be losing momentum. The analysts also noted that the cryptocurrency has reclaimed its 20-day moving average near $68,500 and Bollinger Bands are tightening, forming conditions for potential range expansion.

Justin d'Anethan, head of research at Arctic Digital, believes that the market is transitioning from a 'frantic' to a 'measured' pace. This could lead to a consolidation or accumulation phase in the coming days.