According to data from CryptoQuant, despite Bitcoin (BTC) slightly rebounding to $116,000 on Friday, the Bitcoin bull score index has mostly turned bearish.
CryptoQuant analyst JA Maartun stated on Thursday that out of the 10 indicators in the CryptoQuant bull score index, 8 are signaling bearish for Bitcoin: "Momentum has clearly weakened."
The bull score index from this blockchain analysis platform consists of 10 indicators, and currently, only "Bitcoin demand growth" and "technical signals" remain bullish.
"Bitcoin demand growth" measures the market's demand for the asset and has remained bullish since July; "technical signals" track common technical analysis indicators and data.
The remaining indicators, such as MVRV Z-score, profit-loss ratio, bull-bear cycle signals, inter-exchange liquidity pulse, network activity, stablecoin liquidity, on-chain trader yield, and realized price, are all in the red.
The MVRV Z-score is the ratio of market capitalization to realized value, used to measure the level of BTC price relative to its realized value. The profit-loss ratio shows how much of the supply is in profit; cycle signals reflect current market sentiment; the exchange liquidity pulse indicates the asset's liquidity between exchanges.
The last time 8 out of the 10 indicators turned bearish was in April when Bitcoin fell to $75,000. In July of this year, when BTC first reached a high of $122,800, 8 of these 10 indicators were bullish.
The overall CryptoQuant bull score index—comprising all the above indicators—has fluctuated between 20 and 30 this month, with market adjustments still ongoing.
The CoinGlass Bitcoin Bull Market Index (CBBI) assesses the stage of the bull market by analyzing 9 indicators, currently showing a score of 74, nearing three-quarters of a bull market.
However, among the 30 bull market top indicators from CoinGlass, only one has been triggered, which is the altcoin seasonal index.
Augustine Fan, head of insights at crypto trading software provider SignalPlus, stated in an interview with Cointelegraph that cryptocurrency prices have performed steadily overall this week, but BTC has significantly lagged behind both peer assets and stocks and spot gold.
She added that net buying momentum has slowed. The inflow of funds into digital assets has noticeably decreased, and inflows into centralized exchanges are also at low levels. Investors are more inclined to hold stock-like assets.
However, there are also views that this is mainly due to the market's general expectation of a pullback in September and predictions that the bull market cycle will be extended.
Crypto podcast host Tony Edward pointed out that global liquidity has recovered and is trying to set new highs. He added that this bull market cycle seems to be extending, and we can expect to see a phase peak in the fourth quarter, reaching a peak in the first quarter of 2026.
Bitcoin made a strong move on Friday morning, rising 1.5% during the day, breaking above $116,000 for the first time in three weeks.
The asset is just 6.8% away from its all-time high, and the extent of this round of adjustment is also much smaller than in previous cycles.
Related: Ethena exits Hyperliquid USDH stablecoin bidding, clearing the way for Native Markets
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
