Dynamic trend levels are coming down, but the bear-market work is not finished yet.
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Bear markets rarely feel like a single dramatic event. They feel like a long siege.
At first, everyone waits for the one capitulation candle. Then price chops sideways for weeks. Then the moving averages slowly drift lower. Then the same chart that looked impossible to reclaim suddenly sits much closer to spot. Nothing feels resolved, but the battlefield changes anyway.
That is where we are now. In this bitcoin update, we are going over the technical trend levels that matter most, and we are also taking you with us into the first results of new on-chain cohort research.
The short version: momentum levels are coming down, which is good. But the bear-market framework and the new Rookie/Veteran data still argue for patience.
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