Bull or bear market? Traders panic as Bitcoin dips below 365-day average

After dropping under its 365-day moving average price, Bitcoin faces uncertainty as analysts weigh whether it signals a looming bear market or a brief pullback.

Bitcoin fell below $99,000 on Tuesday, breaching a key macro indicator and reigniting debate over the market’s state.

Bitcoin (BTC) dipped below the 365-day moving average, according to Julio Moreno, head of research at the data analytics platform CryptoQuant.

“It was the final confirmation to the start of the 2022 bear market,” Moreno wrote in a post on X, adding: “The price needs to cross back above it quickly.”

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