Bitcoin May Enter Bear Market, with Support Level at $70k

Bitcoin's Price Movement: Bitcoin has breached the $90,000 support level, with analysts identifying a critical support zone between $70,000 and $73,000 that will influence its medium-term trend.

Market Sentiment and Potential Downturn: The breach suggests a potential downturn for Bitcoin, which could lead to increased caution among investors and impact related cryptocurrencies and derivatives.

CryptoQuant's Analysis: CryptoQuant's insights indicate that Bitcoin may be entering a new corrective phase, with historical patterns suggesting that similar breaches have led to prolonged bear markets.

Impact on the Broader Market: The analysis highlights the importance of technical support levels and suggests that Bitcoin's dynamics could affect regulatory and institutional strategies, as well as liquidity in DeFi protocols and altcoin markets.