Most of Bitcoin’s bull market indicators have flipped bearish even as the asset staged a modest rebound to $116,000 on Friday, according to CryptoQuant.
Eight out of ten metrics in CryptoQuant’s Bull Score Index are now signaling bearish momentum, with analyst JA Maartun noting on Thursday that “momentum is clearly cooling.”
Of the ten signals tracked, only two remain bullish: Bitcoin demand growth and technical signal. Demand growth, which measures overall market appetite for BTC, has been positive since July, while the technical signal reflects strength in common trading indicators.
The other eight metrics — including the MVRV-Z score, profit and loss index, bull-bear cycle indicator, inter-exchange flow pulse, network activity index, stablecoin liquidity, trader on-chain profit margin, and trader realized price — have all turned red.
The MVRV-Z score gauges Bitcoin’s market price relative to its realized value, while profit and loss indexes measure how much of the supply is in profit. Cycle indicators track sentiment, and exchange flow pulse reflects the movement of BTC across trading platforms.
The last time eight out of ten signals went bearish was in April, ahead of Bitcoin’s slide to $75,000. By contrast, in July, the same number of indicators were bullish as BTC rallied to its yearly peak of $122,800.
Bull Market Peak Still Ahead
CryptoQuant’s composite Bull Score Index — which aggregates all ten of its key indicators — has been fluctuating between 20 and 30 so far this month, signaling an ongoing correction rather than a cycle top.
Meanwhile, the CoinGlass Bitcoin Bull Run Index (CBBI), which tracks nine separate metrics to gauge the stage of the bull market, currently stands at 74 — suggesting the cycle is roughly three-quarters complete. Still, just one of CoinGlass’ 30 peak indicators has triggered so far: the altcoin season index.
Bitcoin Trails Altcoins, Equities, and Gold
Market action has been muted this week, but Bitcoin has notably lagged behind altcoins, equities, and even gold, according to Augustine Fan, head of insights at crypto trading platform SignalPlus.
Fan noted that net buying momentum has weakened, with corporate treasury allocations into digital assets slowing and centralized exchanges seeing limited inflows of new capital. “Investors seem more inclined to rotate into equity proxies,” she said.
“The short-term picture looks a bit more challenging, and we would prefer a more defensive stance consistent with the tough seasonal story with risk assets in general.”
Some analysts attribute the weakness to the widely expected September correction but remain confident the bull market has more room to run.
“Global liquidity has recovered and is pushing toward a new high,” noted crypto podcaster Tony Edward, adding that the current cycle “feels like it’s extending” with the potential for a local peak in Q4 and a blow-off top in Q1 2026.
Bitcoin Reclaims $116K
In early Friday trading, Bitcoin climbed 1.5% to break above $116,000 — its highest level in three weeks. The asset now sits just 6.8% below its all-time high, with the current pullback proving far shallower than corrections seen in past market cycles.
