Bitcoin’s Momentum Slows After Hitting Recent Record High
Main Idea
Bitcoin's price is near $118,000 after hitting a record high, but key indicators suggest a cooling market with slowing momentum and reduced trading volumes.
Key Points
1. Bitcoin reached an all-time high of $123,000 in July but is now trading near $118,000.
2. CryptoQuant’s Bull Score Index dropped from 80 to 60, indicating a cooldown phase with softened momentum.
3. USDT liquidity increased by $9.6 billion over 60 days, but growth has slowed significantly.
4. The Bull-Bear Market Cycle Indicator remains slightly positive but is close to turning negative, potentially signaling a bearish market.
5. Current market conditions suggest slowing momentum rather than a definitive reversal, with reduced buying interest.
Description
Bitcoin is trading near $118,000 after reaching a new all-time high of $123,000 in July. Despite this strong price level, key data points indicate that its momentum is cooling, which could lead to a pause before any further upward movement. One such indicator is CryptoQuant’s Bull Score Index, which fell from 80 to 60 following the recent peak. The drop suggests the market has entered a bullish cooldown phase, where overall optimism remains but momentum has softened. Signs of a Cooling Market Th...
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