- According to CoinDesk, CryptoQuant’s Bull Score has surged to 90 out of a possible 100, indicating that Bitcoin may be entering a bullish market phase.
- It reports that Bitcoin spot demand has seen a reduction of approximately 170,000 tokens over the last month, accompanied by a decline in apparent demand throughout September.
- The report also notes a significant drop in Bitcoin futures demand, which plummeted nearly 90% over a span of 15 days, complicating the outlook for short-term price increases.
Trend Forecast Report Over Time
The bullish indicator for Bitcoin has approached its peak level; however, there is a concurrent weakening in the demand for both spot and futures, suggesting that the cryptocurrency’s immediate price growth may be faltering.
CoinDesk disclosed on September 30 that CryptoQuant’s Bull Score is currently positioned at 90 out of 100. This score evaluates Bitcoin’s market conditions by integrating both on-chain and market metrics.
As per CoinDesk, Bitcoin’s rise above its 365-day moving average last week catalyzed a sharp uptick in the Bull Score, with this movement commonly perceived as a crucial indication of the bull market’s initiation.
Nevertheless, actual Bitcoin demand is on a downward trend. CryptoQuant indicates that spot demand decreased by approximately 170,000 tokens in the last 30 days, and apparent demand—derived from new mining output and Bitcoin that has remained dormant for over a year—has also seen a decline throughout September.
The downturn in futures market demand has been even more pronounced. On September 29, the uptick in futures demand was recorded at 16,000 Bitcoin, a stark drop from around 164,000 Bitcoin on September 14, translating to an almost 90% decrease within 15 days.
Julio Moreno, the head researcher at CryptoQuant, stated that maintaining the rally will be challenging without a fresh influx of demand. With both spot demand remaining weak and futures demand stagnating, Bitcoin finds it increasingly difficult to sustain its short-term gains, he stressed.
As of 1:50 p.m., Bitcoin was priced at $83,230, reflecting a 0.21% increase from the previous day, as reported by CoinMarketCap.