Bitcoin Bull Score Index Moves to Neutral Zone
- The Bitcoin Bull Score Index has increased to a neutral level of 50, moving out of bearish territory.
- CryptoQuant’s Julio Moreno notes this is the first time in the current bear market that the index reached neutral.
- In March 2022, a similar rise to neutrality was followed by a continued decline in Bitcoin prices.
- The index reflects improvements in network activity and investor profitability but remains below the bullish threshold of over 60.
- At press time, Bitcoin traded at $78,057.
The shift from bearish to neutral suggests easing selling pressure and some improvement in underlying conditions for Bitcoin. However, it does not confirm a bullish trend as seen previously when similar conditions led to further declines.
With half of the indicators showing constructive signs, market watchers remain cautious as Bitcoin’s Bull Score Index has yet to reach levels considered outright bullish. (Source)
