The major cryptocurrency Bitcoin (BTC), led by Altcoins, is on the rise. At this point, BTC has recovered slightly to $116,000 today. However, despite this rise, bull market indicators are primarily bearish and point to bearish trends.
In its latest analysis, Cryptoquant Analyst Maartun said that eight of the 10 encrypted Bullscore Index indicators were red, indicating a bearish outlook for Bitcoin.
According to an analysis by crypto analysts, the Bullscore index consists of 10 indicators, only two of which are on the upward trend: “growth in Bitcoin demand” and “technical signals.”
However, the remaining eight signals – MVRV-Z score, profit and loss index, Bullbear cycle indicator, Enkenji flow pulse, Network activity index, Stubcoin liquidity, Trader-on-chain margin, Trader prices are all red.
“The momentum is clearly cold,” the analyst said.
In April, eight Bullscore Index Indicators were on a downtrend, with Bitcoin falling to a low level of $76,000 in early April.
In contrast, when BTC reached its first peak of the year in July, it was $122,800, and eight of 10 of these indicators were on the green.
However, some analysts have said this will be linked to a historic September revision, creating a long-term bull market.
*This is not investment advice.
