CryptoQuant says BTC cycle indicators turn broadly bearish, with $73,200 a key level

CryptoQuant said Bitcoin’s main cycle indicators have turned broadly bearish, with its bull score index falling to 20 and entering an extreme bearish zone. According to the report, the bull score index is a composite measure of overall bullish and bearish conditions in the Bitcoin market based on multiple on-chain and market indicators. Over the past 30 days, Bitcoin’s apparent demand fell by 284,000 BTC, while Tether’s USDT market capitalization declined by $6.6 billion over the past 60 days, marking the largest drop since 2022. CryptoQuant said the $73,200 level, where Bitcoin’s 200-day moving average stands, will be a key support and dividing line between a shallow correction and further losses. According to CoinMarketCap, BTC was trading at $73,692.77, down 1.96%, at the time of writing.