Profit-Taking and Sluggish Liquidity Point to Bitcoin Consolidation: Cryptoquant
Main Idea
Bitcoin's rapid price increase has paused after reaching an all-time high of $123,000, entering a 'bullish cooldown' phase marked by profit-taking and slowing liquidity growth.
Key Points
1. Bitcoin's Bull Score Index dropped from 80 to 60, indicating weakening onchain trends and a slowdown in its upward momentum.
2. Stablecoin liquidity growth, a key indicator of new capital entering the market, has cooled and turned negative on Cryptoquant’s dashboard.
3. Network activity has declined, and BTC inflows to major exchanges like Coinbase have eased, suggesting reduced buying pressure.
4. Profit-taking is contributing to the slowdown, with key indicators like the P&L Index and MVRV Z-score falling below 40 for the first time since April 2023.
5. The market outlook is cautiously neutral, with the broader cycle still bullish but needing fresh catalysts to drive further gains.
Description
Bitcoin is settling into a bullish cooldown phase after touching a record $123,000, according to a new analysis from Cryptoquant. Bull Score Dip Marks Cooling Phase for Bitcoin Bitcoin’s rapid climb has paused after hitting an all-time high of $123,000, entering what Cryptoquant’s Institutional Insights report calls a “bullish cooldown” phase. The firm’s Bull Score
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