Analysis: The current pullback of Bitcoin has reached 26.6%, which may be the largest decline in this bull market

ChainCatcher news, according to Cointelegraph, CryptoQuant's research director Julio Moreno stated that Bitcoin has retraced 26.6% from its peak of $109,500, approaching the largest decline of this bull market. Although it is not as severe as the bear markets of 2022 (-73%) and 2018 (-83%), the analysis firm ecoinometrics pointed out that against the backdrop of the Nasdaq being flat year-on-year, the difficulty of BTC's rebound has increased, and the risk of further retracement remains.

As a result, Strategy did not increase its BTC holdings from March 31 to April 6, with a total investment of $35.65 billion, achieving only a 17% return. In addition, if BTC closes below the 50-week EMA this week, it may signal the start of a bear market, with the current key support level being in the range of $65,000 to $69,000.