Bitcoin Bull Market metrics have been largely bearish despite Bitcoin signing up for $116,000 on Friday, according to Cryptoquant.
Cryptoquant analyst Ja Maartun said Thursday that eight of the Cryptoquant Bull Score Index metrics are bearish for Bitcoin, with “the momentum clearly being cooled.”
The Bullscore signal for the Blockchain Analytics Platform consists of 10 indicators, only two of which are bullish. “Growth in Bitcoin demand” and “technical signals.”
Growth in demand for Bitcoin is a measure of how much demand there is in the asset market, and has been bullish since July, but “technical signals” appear to track common technical analytic metrics and metrics.
However, MVRV-Z scores, profit and loss indexes, Bullbear cycle indicators, exchange flow pulses, network activity indexes, stubcoin liquidity, trader-on-chain profit margins, trader realisation prices – are all red.
The MVRV-Z score is the market value of the realised value and measures the ratio of the BTC price compared to the realised value. The profit and loss index indicates how much profit the supply profit is, the cycle indicator indicates the current sentiment, and the exchange flow pulse indicates how much of the assets are moving into exchange.
It was in April when Bitcoin (BTC) tanked $75,000 that eight of the 10 indicators were Beash. In July, eight of 10 of these indicators were on the green, with BTC reaching its first peak at $122,800 this year.
Bull Market Peak is not here yet
Cryptoquant’s overall bru score index (all measurements combining all of the indicators above) is vibrating between 20 and 30 this month as the correction continues.
The Coinglass Crypto Bitcoin Bull Run Index (CBBI) has analyzed nine metrics to see what stage the bull market is in, and currently has a 74 registered.
However, only one of the 30 Coinglass Bull Market peak indicators is flashing, and that’s the Altcoin Season Index.
Related: The Altseason Index hits the highest level this year: This is the way traders think
Bitcoin delays altcoins, stocks and gold
“BTC will significantly slow both Peer Group and VS stocks and Spot Gold,” Augustine Fan, head of insights at Crypto Trading Software service provider Signalplus, told Cointelegraph. “While Crypto prices have stomped a lot this week, BTC will significantly slow both Peer Group and VS stocks and Spot Gold.”
She added that the digital asset treasury purchases have collapsed significantly, slowing down net purchase momentum on a centralized exchange that reports low-level new capital, with “investors preferring to stay within the equity proxy.”
“The short-term drawing looks a little more challenging, and you’ll prefer a defensive stance that matches the harsh seasonal storyline with general risk assets.”
However, some put it in a widely anticipated September revision, predicting an expanded bull market.
“We are looking to recover global liquidity and reach new highs,” crypto podcaster Tony Edward said, “We feel that this bull market cycle is being extended and we may see local tops and blow-off tops in the first quarter of 2026.”
BTC will collect $116,000
Bitcoin moved during early trading on Friday, surpassing $116,000 for the first time in three weeks after earning 1.5% a day.
The assets are currently only 6.8% off their all-time high, with previous revisions much shallower than previous cycles.
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