Moreno defined the start of the bear market as the moment when the price of Bitcoin crossed below the 365-day SMA. According to the on-chain expert, the premier cryptocurrency is down by 30% so far in the current phase, making it one of the worst bear seasons in recent times.
As observed in the chart above, the Bitcoin price is deeper than it is often seen at this stage of the bear market. During the 2014 bear market, the flagship cryptocurrency was barely down by 20% at this current stage of the season.
This trend is especially interesting, considering that Bitcoin is believed to have matured as an asset class. However, the world’s largest cryptocurrency still appears to witness incredible levels of volatility at the beginning of the bear market.
Bitcoin Price At A GlanceAs of this writing, the price of BTC stands at around $70,500, reflecting an over 2% jump in the past 24 hours.
