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2022 bear market has been the worst on record — Glassnode

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cointelegraph.com

Several factors have contributed to making the current crypto bear market the worst ever recorded as most Bitcoin traders are underwater and continue to sell at a loss, according to Glassnode.Blockchain analysis firm Glassnode’s June 24 report titled A Bear of Historic Proportions outlines how Bitcoin’s current dip below the 200-day moving average (MA), negative deviation from realized price, and net realized losses have conspired to make 2022 the worst in Bitcoin’s history.The first and most obvious indication of a bear market is when the spot price of Bitcoin (BTC) falls below the 200-day MA and an even more extreme scenario, the 200-week MA.

To highlight how rare the current price levels are, Glassnode showed that during the 2022 bear market, Bitcoin has fallen below half the 200-day MA level.Glassnode also demonstrated that falling below 0.5 the Mayer Multiple (MM) is an exceedingly rare occasion that hasn’t happened since 2015.

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