How Deep Into the Bitcoin Bear Market Are We Now? w/ Julio Moreno

Watch on YouTube ↗  |  February 02, 2026 at 19:45  |  40:38  |  Milk Road Daily
Speakers
Julio Moreno — Head of Research, CryptoQuant
LG Doucet — Host, Milk Road Show

Summary

Julio Moreno returns to The Milk Road Show to assess Bitcoin's bear market using CryptoQuant on-chain and market data. He argues the bull market has ended and most indicators—ETF demand, Coinbase premium, stablecoin liquidity, long-term demand, funding rates, and trend—remain bearish. He identifies key price levels and suggests a potential cycle bottom around Q3 2026, warning against catching the falling knife.

  • Bitcoin Bull Score is at zero, indicating extreme bearish conditions.
  • US spot Bitcoin ETFs have turned net sellers and demand is lower year-over-year.
  • Coinbase premium turned negative in November, signaling weaker US demand.
  • Stablecoin liquidity growth has stalled, with USDT market-cap growth near zero.
  • Long-term Bitcoin demand growth and perpetual funding rates show reduced appetite for longs.
  • Bitcoin is below its one-year moving average, keeping the technical trend downward.
  • Julio highlights $89K resistance and $79K support, with deeper levels at $70K and $56K.
  • He sees a possible bear-market bottom around Q3 2026 and warns against catching the knife.
Ideas
Julio Moreno Head of Research, CryptoQuant 0:00
Bitcoin bearish as data signals weakness.
Julio Moreno says Bitcoin remains in a bear market because most data is signaling weakness: the Bull Score is at zero, US spot ETFs have been net sellers (over 10,000 BTC sold this year vs 46,000 bought last year), the Coinbase premium has been negative since November, stablecoin liquidity growth (USDT market cap) has collapsed toward zero, long-term demand growth is at low levels, and perpetual funding rates show less appetite to go long. He sees no meaningful reversal while these drivers remain unsupportive, and the price trend is downward.
BTC HIGH
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This Milk Road Daily video, published February 02, 2026, features Julio Moreno discussing BTC. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Julio Moreno  · Tickers: BTC