Cryptocurrency Bitcoin (BTC) has shown a slight recovery, reaching $116,000. However, analysis points to conflicting signals in the market.
Current Situation of Bitcoin Market
Currently, Bitcoin has recovered to $116,000. However, despite this increase, analysts note that key market indicators remain bearish.
Bull Score Index Indicators
CryptoQuant analyst Maartun reported in his recent analysis that eight out of ten Bull Score Index indicators are in the red, indicating a bearish outlook for Bitcoin. Out of the ten indicators, only two show an uptrend: 'Growth of Bitcoin Demand' and 'Technical Signal'. The remaining eight indicators reflect negative outcomes.
Forecasts and Historical Corrections
Analysts also link the current situation to a historical correction typically occurring in September, suggesting that it may signal a forthcoming prolonged bearish market. In April, indicators also showed eight bearish signals, leading to Bitcoin falling to $76,000.
Thus, despite Bitcoin's short-term recovery, prevailing bearish signals may indicate potential further declines in the market.
