CryptoQuant’s Bitcoin Bull Score Index Drops to 20, Signals Bearish Trend
The Bitcoin Bull Score Index from CryptoQuant has fallen to 20, indicating a shift towards a bearish market phase. Key points include:
- The index is now classified as "extra bearish."
- It previously signaled a "bullish cooldown" phase despite Bitcoin hitting a new all-time high in August.
- Following the peak, the index dropped into "getting bearish" territory and subsequently to "extra bearish."
- Most indicators contributing to the Bull Score Index currently show bearish signals, notably the Market Value to Realized Value (MVRV) Z-Score, which reflects investor profitability.
- The last time both the MVRV Z-Score and Bull Score Index were bearish was in February, leading to prolonged negative price action.
- Another indicator, the net position change of the 90-day exponential moving average for Bitcoin Supply In Profit, has also turned negative.
Despite these bearish metrics, Bitcoin's price has temporarily recovered to $113,000.
