Where we actually are, no spin. Bitcoin is sitting right on its 200-week moving average, around 61 to 62k. That line has been touched in every prior bear, and it is the level long-term folks watch instead of the daily candle.
Down over fifty percent from the October high, so yes, this is a real bear by the textbook definition. About four billion has left the ETFs in thirteen days.
Not a prediction, just a map. When you know where you are, the panic gets a lot quieter.