Bitcoin (BTC) is now further below a key moving average than it was at the pit of the March 2020 COVID-19 crash.
In a tweet on Jan. 4, popular trader and analyst Rekt Capital revealed just how remarkable the current Bitcoin bear market really is.
BTC price 200-week moving average out of reach
Not only has Bitcoin now spent more time below its 200-week moving average (WMA) than ever before, it is now further beneath it than at any time in history.
Looking at the weekly BTC/USD chart, Rekt Capital confirmed that as of Jan. 4, BTC/USD traded around 37% below the 200 WMA.
This, he noted, was “Deeper than the -31% retracement in March 2020.”
The numbers provide interesting reading in a bear market which has yet to see BTC price retracements from all-time highs rival previous bottoms in percentage terms.
In March 2020, Bitcoin abruptly lost 60% in a matter of days as markets reacted to the first wave of mass Coronavirus lockdowns.
At the time, however, the largest cryptocurrency spent less than two weeks below the 200 WMA — a clear contrast with 2022. BTC/USD lost the trendline, which also figured in the 2018 bear market, in August last year, and has since failed to reclaim it.
S&P 500 faces “March cycle low”
The situation may get worse still.
