Metrics for the Bitcoin Bull Market have generally been negative, even though Bitcoin reached $116,000 on Friday, as reported by Cryptoquant.
Eight of the ten indicators in the Bullscore Index are showing bearish trends for Bitcoin. Crypto analyst Ja Maartun noted that “momentum is clearly cooling” on Thursday.
The Bullscore signal from the Blockchain Analytics Platform includes ten indicators—only two of which are bullish. These include a “growth in Bitcoin demand” and some “technical signals.”
The growth in Bitcoin demand, measuring market interest, has remained positive since July. However, the “technical signals” are based on standard technical analysis metrics.
On the downside, indicators like MVRV-Z scores, profit and loss indexes, cycle indicators, exchange flow metrics, network activity indexes, and others are all showing negative readings.
The MVRV-Z score reflects the ratio of Bitcoin’s market price to its realized value, while the profit and loss index assesses how much profit is circulating. The cycle indicator gauges current market sentiment, and the exchange flow pulse tracks asset movements into exchanges.
In April, when Bitcoin dropped to $75,000, eight out of ten indicators were bearish. By July, after Bitcoin hit a peak of $122,800, the situation had flipped with eight indicators showing favorable trends.
Bull Market Peak is not here yet
The overall Bru score index from Cryptoquant has fluctuated between 20 and 30 this month amid ongoing corrections.
The Coinglass Crypto Bitcoin Bull Run Index (CBBI) evaluates nine metrics to determine the current market stage. It currently sits at 74, suggesting we are nearly three-quarters into a Bull Market.
However, only one of thirty Coinglass Bull Market Peak indicators has activated: the Altcoin Season Index.
Bitcoin delays altcoins, stocks and gold
Augustine Fan, head of insights at Signalplus, mentioned that “BTC will significantly slow both Peer Group and VS stocks and Spot Gold.” Despite overall crypto prices rising this week, Bitcoin’s movements are contributing to slower activity across various asset classes.
Fan noted that treasury purchases for digital assets have dropped, affecting the momentum of new capital entering centralized exchanges. Investors, it seems, prefer to stick to equity options for now.
“The short-term outlook appears more challenging; a defensive approach might be wise given the unfavorable seasonal trends impacting risk assets,”
Even so, there’s talk of a potentially stronger bull market coming in September. Some point to a recovering global liquidity landscape, hinting at new highs ahead. Tony Edward, a Crypto Podcaster, feels this bull market cycle may extend, predicting more local peaks into early 2026.
BTC will collect $116,000
Early trading on Friday saw Bitcoin crossing the $116,000 mark for the first time in three weeks, marking a 1.5% increase that day.
The asset is now just 6.8% shy of its all-time high, a noteworthy recovery compared to previous cycles.
