Blockchain data analytics firm CryptoQuant pointed out that bitcoin is showing signs of short-term consolidation or moderate downside risks after hitting a record high of $123,000 last month.
The company said in a report released on Thursday: "Bitcoin has entered a bull market cooling period, with the bullish index falling from 80 to 60. While the overall environment remains positive, the upward momentum is waning. CryptoQuant's bullish index assesses the strength of the bitcoin market through multi-necklace indicators, with a value near 100 indicating strong buying and bullish sentiment, and close to zero indicating heavy selling pressure.
CryptoQuant analysis said that the current index value of 60 is still in a bullish range, but the momentum continues to fade. The index pullback reflects both the profit taking after the record high and the seasonal slowdown in summer trading activity. The report specifically warns: "If prices weaken further, the indicator could fall into negative territory, bringing the bullish index below 40 for the first time since April 2023 - which would officially confirm that the market has turned into a bear market."
Julio Moreno, head of research at CryptoQuant, added: "The Fed's September meeting rate cut could be a new catalyst, which is in line with market expectations."
CryptoQuant: Bitcoin has entered a bull market cooling period, and the Federal Reserve's September meeting to cut interest rates may become a new catalyst
2025-08-08 01:05:34
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