8 of 10 Bitcoin bull indicators turn bearish despite jump to $116K
Despite a marginal recovery in the price of Bitcoin, the majority of bull market indicators for Bitcoin have now turned red, suggesting “momentum is clearly cooling.”
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.”