“Bitcoin demonstrates signs of short -term consolidation after ATH upgrade above $ 123,000 in July. This was indicated by Cryptoquant analysts, The Block writes. “Bitcoin entered the” bull pause “phase: the Bull Score index decreased from 80 to 60. Despite the preservation of positive conditions, the dynamics weakened,” they said. The bull market index assesses the market state on the basis of onchin indicators. Values close […]”, – WRITE: Businessua.com.ua
Bitcoin demonstrates signs of short -term consolidation after ATH upgrade above $ 123,000 in July. This was indicated by Cryptoquant analysts, The Block writes.
“Bitcoin has entered In the “bull pause” phase: the Bull Score index decreased from 80 to 60. Despite the preservation of positive conditions, the dynamics weakened, ”they said.
The bull market index assesses the market state on the basis of onchin indicators. Values close to 100 signal intense demand, and to zero – for sale and pessimism. The current level of 60 indicates a temporary slowdown in the upward trend, but the total positive remains.
Experts have highlighted several factors that testify to pause in growth:
- Stagnation of liquidity of steiblcoins – Over the past 60 days, USDT raised was $ 9.6 billion, but the pace has slowed down, indicating a decrease in the inflow of new capital;
- Fixation of profit – The bitcoin profitability indicator went into the negative zone. Traders record income, and unfulfilled profit decreases;
- Seasonal decline in activity – The traditional summer decline in trade increases current trends.
If the price of bitcoin continues to fall, the index can fall below 40 – it will be the first since April 2023 a signal of a bear market, analysts said.
New catalysts are required to restore growth. The head of the Cryptoquant Research Department Julio Moreno believes that one of the drivers can be a potential reduction in the Fed’s interest rate in September.
Current indicators After updating the historic maximum, the price of bitcoin decreased by 4.9%, according to Coingcko. At the time of writing digital gold is traded at $ 116 900.
The BTC/USD Binance Exchange Graph. Source: TradingView.
We will remind, the price of bitcoin briefly exceeded $ 117,000 against the background of signing by US President Donald Trump a new decree on pension savings.
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