Bitcoin Is “Least Bullish Since September 2023,” CryptoQuant Head Says
Summary
The Head of Research at CryptoQuant explained that Bitcoin's Bull-Bear Market Cycle Indicator has declined recently. The indicator measures the distance of the P&L Index from its 365-day moving average, signaling whether Bitcoin is in a bull or bear market. Despite still indicating a bull market, the indicator has cooled off since reaching all-time highs during the rally. Bitcoin's current price is around $61,600, down more than 5% over the past week. It remains to be seen if the indicator will finish its drawdown or transition into negative territory, signaling a bearish market.
