Despite a minor recovery, Bitcoin's bull market indicators show a bearish trend. Analysis from CryptoQuant concludes that most indicators signal a downturn.
Bearish Sentiment Signals
According to CryptoQuant, eight out of ten bull market indicators are flashing bearish. Analyst JA Maartun remarked, "Momentum is clearly cooling." Out of ten indicators, only two still show bullish signs: "Bitcoin Demand Growth" and "Technical Signal."
Continuing Correction
CryptoQuant's overall Bull Score Index has been oscillating between 20 and 30 this month. The CoinGlass Crypto Bitcoin Bull Run Index (CBBI), assessing the stage of the bull market, currently registers at 74, suggesting that the market is nearing a bull peak. However, only one of the 30 CoinGlass market peak indicators remains active.
Bitcoin’s Market Position
On Friday, Bitcoin reached $116,000, just 6.8% below its all-time high. However, there is a noted decline in buying activity, with many investors preferring to keep their capital in stocks.
Bitcoin's market indicators suggest a prevailing bearish sentiment, casting doubt on the sustainability of the current recovery. Nonetheless, the market continues to monitor changes in demand and overall liquidity.
