Yeliz Akmaca 
Bitcoin (BTC) Bull Score Index has dropped to zero for the first time since June 2022, signaling a sharp cooling in market momentum. Analysts say this does not necessarily indicate the start of a bear market, but rather a fatigue phase within an extended bull cycle.
Critical Bitcoin Support Levels Under Pressure
Bitcoin has fallen below the $100,000 level, moving closer to key support zones closely monitored by traders. The 365-day moving average, on-chain realized price bands and network valuation price are now seen as major reference points. If the price stays below these levels, selling pressure could intensify.
On-Chain Indicators Turn Bearish
According to CryptoQuant, all 10 major on-chain indicators—including MVRV, ETF inflows, stablecoin liquidity, demand growth and trader margins—are currently trending below their baseline. ETF and institutional inflows have slowed, long-term holders (LTH) continue selling and stablecoin liquidity is tightening.
Key metrics to watch include:
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365-Day Moving Average (MA): Around $102K, major support.
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Traders’ On-chain Realized Price: Lower band at $72K, indicating short-term downside potential.
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Network Valuation Price (Metcalfe 2×): Support sits near $91K.
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Bull Score Index: Fell to 0, signaling extremely weak bullish strength.
These levels are being closely monitored to assess market momentum and possible correction risks.
Analyst Outlook: Pause, Not Panic
CryptoQuant analysts argue this decline is more likely the exhaustion phase of a prolonged bull market rather than the start of a new bear cycle. However, they warn that if Bitcoin fails to recover above the 365-day MA soon, a deeper correction could follow.
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