Bitcoin Price Declines 5.7% as Bull Score Index Hits All-Time Low

Bitcoin's price has declined by 5.7% in the past 24 hours, dropping below recent highs after a brief recovery to $87,000. Currently, it stands approximately 24.7% below its all-time high of over $109,000 recorded in January.

Market Sentiment Indicators

• The CryptoQuant Bull Score Index is at a low of 10, indicating bearish market conditions since Bitcoin was around $96,000.
• Investor confidence appears weakened, with significant selling pressure indicated by the low score.
• Increased activity among long-term holders is noted, with over 1,057 BTC that hadn't moved in 7–10 years recently transacted.

Technical Analysis Perspectives

• Some analysts maintain a bullish outlook based on the Relative Strength Index (RSI), which shows signs of potential upward momentum.
• However, caution is advised as maintaining key support levels is crucial to avoid further decline.
• If these levels are breached, a deeper market downturn may occur, posing risks for traders and investors.