---
title: "This bitcoin bear market is different with 'uniquely pessimistic' traders limiting downside, K33 says"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/287079506.md"
description: "K33 Research highlights a different scenario in the current bitcoin bear market, noting persistent pessimism among traders that suggests a price bottom rather than a typical bear market rally. Despite bitcoin's struggle to surpass the $83,000 mark and fears of a downturn, the firm believes the February drop to $60,000 was the cycle's deepest drawdown."
datetime: "2026-05-20T14:00:15.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287079506.md)
  - [en](https://longbridge.com/en/news/287079506.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287079506.md)
---

# This bitcoin bear market is different with 'uniquely pessimistic' traders limiting downside, K33 says

-   Bitcoin’s recent failure to break above its 200-day moving average near $83,000 revived fears of another sharp downturn, but K33 Research noted a markedly different setup than in previous bear markets.
-   Derivatives positioning show unusually persistent pessimism that resembles price bottoms instead of bear market rallies.
-   The firm said its base case remains that bitcoin’s February drop to $60,000 marked the deepest drawdown of the cycle.

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