8 of 10 Bitcoin bull indicators turn bearish despite jump to $116K

18 hours ago 4

Bitcoin bull market indicators have turned predominantly bearish despite Bitcoin registering a slight recovery on Friday to $116,000, according to CryptoQuant.

Eight out of ten of the CryptoQuant Bull Score Index indicators are flashing bearish for Bitcoin, and “Momentum is clearly cooling,” CryptoQuant analyst JA Maartun said on Thursday.

The blockchain analytics platform’s bull score signals are made up of ten indicators, and only two of them are still bullish: “Bitcoin demand growth” and “Technical signal.”

Bitcoin demand growth is a measure of how much demand there is in the market for the asset, and it has been bullish since July, while the “technical signal” appears to track common technical analysis indicators and metrics.

However, the rest — MVRV-Z score, profit and loss index, bull bear cycle indicator, inter exchange flow pulse, network activity index, stablecoin liquidity, trader onchain profit margin and trader realized price — are all in the red.

The MVRV-Z score is the market value to realized value, which measures the ratio of BTC price compared to its realized value. Profit and loss indexes show how much of the supply is in profit, cycle indicators show current sentiment, and exchange flow pulse indicates how much of the asset is being moved to and from exchanges.

The last time eight out of ten indicators were bearish was in April when Bitcoin (BTC) tanked to $75,000. In July, eight out of ten of those indicators were in the green when BTC hit its first peak this year of $122,800.

Bull market peak not here yet

CryptoQuant’s overall Bull Score Index — which measures all of the above indicators combined — has been oscillating between 20 and 30 this month as the correction continues.

The CoinGlass Crypto Bitcoin Bull Run Index (CBBI), which analyzes nine metrics to ascertain what stage the bull market is at, is currently registering 74, almost three-quarters into the bull market.

However, only one of the 30 CoinGlass bull market peak indicators has flashed up, and that is the altcoin season index.

Bitcoin lagging altcoins, stocks and gold

Crypto prices treaded water much this week, “but with BTC lagging noticeably both vs its peer group as well as vs equities and spot gold,” Augustine Fan, head of insights at crypto trading software service provider SignalPlus, told Cointelegraph.

She added that net buying momentum has slowed with digital asset treasury buying falling off substantially, as well as centralized exchanges reporting low levels of new capital on-ramping, “with investors preferring to stay within the equity proxies.”

“The short-term picture looks a bit more challenging, and we would prefer a more defensive stance consistent with the tough seasonal story with risk assets in general.”

However, some put it down to the widely anticipated September correction and predicted an extended bull market.

“Global Liquidity has recovered and is attempting to hit a new high,” observed crypto podcaster Tony Edward, who added, "Feels like this bull market cycle is extending and we could potentially see a local top in Q4 and blowoff top in Q1 2026.”