Bitcoin Momentum Fades, Analysts Warn of Possible Breakdown

Bitcoin's recent price action has been drawing comparisons to the 2022 bear market, with analysts warning of a possible breakdown in prices.

Data from on-chain analytics firms Swissblock and CryptoQuant suggests that Bitcoin's market momentum is weakening, accompanied by increasing bearish sentiment among investors.

CryptoQuant notes that demand for Bitcoin is slowing across multiple areas of the market, including futures markets, spot markets, and U.S. spot Bitcoin ETFs.