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Bitcoin Hits Bear Phase, According to CryptoQuant Cycle Analysis
In a recent update, Julio Moreno, CryptoQuant’s Head of Research, highlighted a significant change in the Bitcoin market phase through the firm’s Bull-Bear Market Cycle Indicator. This latest assessment indicates that Bitcoin might have entered a bear market phase.
Understanding the Indicator
CryptoQuant’s Bull-Bear Market Cycle Indicator uses the P&L Index, which consolidates various on-chain metrics pertaining to unrealized and realized gains and losses. This indicator determines Bitcoin’s market phase by measuring the P&L Index against its 365-day moving average (MA). When the Index is above the MA, it signals a bullish market, whereas a fall below the MA indicates a bearish trend.
The Bull-Bear Market Cycle Indicator simplifies the analysis by monitoring the extent to which the P&L Index diverges from its 365-day moving average (MA). Earlier in the year, as Bitcoin’s pric
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