According to the latest data from CryptoQuant, most of the firm’s bull market indicators are flashing red.
Analyst Maartun explained that the Bull Score Index, which tracks ten different on-chain and market metrics, currently shows only two in positive territory—demand growth and technical momentum. The other eight, including network activity, stablecoin liquidity, margin positioning, realized price, and MVRV-Z score, are all pointing downward.
“Momentum is clearly cooling,” Maartun noted, pointing out that a similar alignment was last seen in April, just before Bitcoin retreated to $76,000. By contrast, when BTC surged to $122,800 in July, the majority of the same indicators were green.
Some traders argue the weakness may be linked to the seasonality of September, historically one of Bitcoin’s softer months. They suggest that while short-term pressure remains, the broader cycle could still be setting up for a longer-lasting bull market once these corrective moves play out.
Market participants are also closely watching macroeconomic conditions. Expectations of rate cuts later this year, combined with strong inflows into spot Bitcoin ETFs, could provide support if demand stabilizes. However, analysts caution that volatility will remain high as traders weigh inflation data and global market risks.
Despite the current bearish readings, sentiment among long-term holders appears steady. Accumulation patterns suggest that investors with stronger conviction are holding through the downturn, leaving room for a potential rebound if speculative capital returns to the market.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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