Bitcoin Rises, But Data Shows the Opposite! “8 Out of 10 Bullish Indicators Point to a Bearish Trend!”
Leading cryptocurrency Bitcoin (BTC), led by altcoins, has been on the rise. At this point, BTC made a slight recovery to $116,000 today. However, despite this rise, bull market indicators are predominantly bearish and pointing to a bearish trend.
CryptoQuant analyst Maartun said in his latest analysis that eight out of ten CryptoQuant Bull Score Index indicators are in the red, signaling a bearish outlook for Bitcoin.
According to CryptoQuant analyst analysis, the Bull Score Index consists of ten indicators, of which only two are still in an uptrend: “Growth of Bitcoin demand” and “Technical signal”.
However, the remaining eight signals—MVRV-Z score, profit and loss index, bull-bear cycle indicator, inter-exchange flow pulse, network activity index, stablecoin liquidity, trader on-chain margin, and trader realized price—are all in the red.
“Momentum is clearly cooling,” the analyst said.
It was in April when eight of the Bull Score Index indicators were in a downtrend, and Bitcoin fell to levels as low as $76,000 in early April.
In contrast, in July, when BTC reached its first peak this year, $122,800, eight out of ten of these indicators were in the green.
However, some analysts linked this situation to the historical September correction and stated that a prolonged bull market would occur.
*This is not investment advice.
