<div id="readability-page-1" class="page"><div><ul><li>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.</li><li>Derivatives positioning show unusually persistent pessimism that resembles price bottoms instead of bear market rallies.</li><li>The firm said its base case remains that bitcoin’s February drop to $60,000 marked the deepest drawdown of the cycle.</li></ul></div></div>

MARA

RIOT

MSTR

<p>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.</p>

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