Bitcoin price analysis stayed bearish on the outlook for BTC, predicting new macro lows in a repeat of the 2022 bear market. Bitcoin gained up to 3% recently, but skepticism remains among traders regarding whether the recent price movements signal the end of the bear market. Key indicators suggest that Bitcoin is still in a precarious position, potentially facing further declines.

Analysts are comparing the current market conditions to those of 2022, warning that new lows could be around the corner. The focus is now on moving averages and the cost basis of US spot Bitcoin ETFs. Some traders believe that a significant capitulation has yet to occur, indicating that the real bottom for Bitcoin could be below the $50,000 level.

Data shows BTC/USD recently crossed $71,000, reflecting a 20% increase from Friday's 15-month lows. However, many market participants remain doubtful about the sustainability of this rebound. Independent analyst Filbfilb shared a chart comparing the current price action to the previous bear market, indicating a lack of good news for bulls.

Tony Severino also echoed these sentiments, presenting multiple price indicators that suggest new lows are highly probable. Other traders, such as BitBull, agree that the final capitulation for Bitcoin has not yet happened, with a potential bottom forming below $50,000 where many ETF buyers would be underwater.

The average buy-in cost for US spot Bitcoin ETFs stands at $82,000, adding another layer of complexity to the current market dynamics. Analysts have pointed out that the 200-week simple and exponential moving averages create a zone of support between $58,000 and $68,000. Historical data suggests that a retest of these averages could lead to further price declines.

Despite the uncertainty, some analysts warn against assuming a perfect replication of the previous bear market. The reality is that market conditions are fluid, and no one can predict with certainty what will happen next. It is crucial for investors to conduct thorough research and consider the risks involved in trading Bitcoin and other cryptocurrencies.

In summary, while the recent uptick in Bitcoin prices may provide some hope, the overall outlook remains cautious. Traders are keeping a close eye on key indicators, and the potential for new lows looms large. Investors should remain vigilant and prepared for continued volatility in the cryptocurrency market. This article does not contain investment advice. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.