According to Crypto Analytics company Cryptoquant, sentiment in the Bitcoin market has deteriorated to a level not seen since January 2023.
In a report released Thursday, Cryptoquant revealed that the Bull Score Index has dropped to 20.
The reading is at its lowest level in more than two years and is far below historically required thresholds to support sustained price increases, the analytics company said.
As it returns to its previous lows, the report reads Bitcoin’s “weak environment” “reduces the possibility of sustainable meetings in the short term.”
These insights raise questions about market direction. What they see as “it could become part of a broader bearish trend, rather than a short-term fix.”
The analytics company Bruscore Index combines 10 different indicators that measure network activity, investor behavior, demand for Bitcoin, and market liquidity to assess overall market health.
Historically, Bitcoin required scores above 60 to maintain a significant price rise, but the extension period below 40 is consistent with the bear market, explained Cryptoquant.
Cryptoquant’s Dashboard This model has shown significant degradation of the foundations on the chain since mid-February 2025, with eight metrics currently flashing warning signals.
The Network Activity Index, a key component that tracks usage in chains, has remained bearish since December 2024.
If the score “stays below 40 for a long period,” this could indicate that a “bear market situation” could continue, challenging the concept of a recent drawdown due to up to 23% of Bitcoin’s recent peak. $109,000 in January The analysts mentioned in the report represent “temporary revisions.”
Again, a wider context is at play. There is Bitcoin volatility I jumped to 6 months highEven if some observers project it The newest ever great By the medium term by easing global liquidity conditions.
On Wednesday, the Federal Reserve said it would do so. Stabilizes interest rates. From Bitcoin to Ethereum to Solan, the major crypto markets were quickly seen Conservative benefits About the news.
At the time of writing, Bitcoin fell 1.8% to $84,400. Myriad is a forecast market on the launch chain Decrypt’s Parent company Dastan, 68%, believes Bitcoin will exceed $83,000 a year ago next week.
Edited by Sebastian Sinclair
