Crypto Market Suffers Intense Capitulation Amid Bearish Sentiment

The crypto market has been hit hard in recent weeks, with Bitcoin's price experiencing a significant drop of 50% from its all-time high. This represents the shallowest bear market in Bitcoin's history, according to data from CryptoQuant.

Analysts point to ETF outflows and macro tightening as signs that the bear market may not be over yet. In fact, experts suggest that it still has some way to go before reaching a bottom.

A key level to watch is $60,000, which was highlighted by analysts as a crucial psychological threshold. A breach of this level could lead to further selling pressure and a retest of the $55,000 and $45,000 levels.