Main cryptocurrency Bitcoin (BTC), led by altcoins, has been on the rise. At this level, BTC made a slight restoration to $116,000 at present. Nevertheless, regardless of this rise, bull market indicators are predominantly bearish and pointing to a bearish pattern.
CryptoQuant analyst Maartun stated in his newest evaluation that eight out of ten CryptoQuant Bull Rating Index indicators are within the crimson, signaling a bearish outlook for Bitcoin.
Based on CryptoQuant analyst evaluation, the Bull Rating Index consists of ten indicators, of which solely two are nonetheless in an uptrend: “Progress of Bitcoin demand” and “Technical sign”.
Nevertheless, the remaining eight indicators—MVRV-Z rating, revenue and loss index, bull-bear cycle indicator, inter-exchange movement pulse, community exercise index, stablecoin liquidity, dealer on-chain margin, and dealer realized value—are all within the crimson.
“Momentum is clearly cooling,” the analyst stated.
It was in April when eight of the Bull Rating Index indicators had been in a downtrend, and Bitcoin fell to ranges as little as $76,000 in early April.
In distinction, in July, when BTC reached its first peak this yr, $122,800, eight out of ten of those indicators had been within the inexperienced.
Nevertheless, some analysts linked this case to the historic September correction and said {that a} extended bull market would happen.
*This isn’t funding recommendation.
