Bitcoin has entered an extremely bearish phase according to CryptoQuant's latest report, with the bull market score index collapsing from 90 to 20 over the past 30 days. The flagship cryptocurrency fell 9% in that period and sits 15% below its September peak, now trading beneath its 365-day moving average of $76,400. Key on-chain indicators confirm deteriorating sentiment: 30-day apparent demand contracted by 284,000 BTC, USDT market capitalization shrank by $6.6 billion over 60 days, and traders' unrealized return rate dropped to -6%. CryptoQuant identifies $73,200 as critical support, projecting a potential bottoming range between $70,000 and $76,000 in the coming weeks—though a break below key support could trigger a deeper correction.