Analysis: 8 of 10 key BTC on-chain indicators have turned bearish

The majority of on-chain indicators are flashing bearish signals despite Bitcoin showing signs of recovery by temporarily surpassing $116,000, Cointelegraph reported. CryptoQuant contributor Maartunn explained on X that eight of the 10 indicators in CryptoQuant's BTC Bull Score Index are pointing to bearish conditions, which he said signifies a clear cooling of upward momentum. The bearish signals include the MVRV-Z score, the profit and loss index, the bull-bear cycle indicator, the exchange inflow/outflow index, network activity, stablecoin liquidity, investor on-chain profit margins, and trader realized price. Cointelegraph noted that a similar situation occurred in April, when eight of the 10 bull indicators also turned bearish just before Bitcoin plunged to $75,000.