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Bitcoin bull-bear cycle indicator flips bullish as price holds $60K

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Bitcoin bull-bear cycle indicator flips bullish as price holds K
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Bitcoin bull-bear cycle indicator flips bullish as price holds $60K

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Source: Coin Telegraph

The Bitcoin bull-bear market indicator has turned green once more after Bitcoin’s drop below $50,000 triggered its first bearish signal since January 2023.

The Bitcoin bull-bear market cycle indicator, which tracks investor sentiment phases, has flipped to signal bullish conditions, following three days of flashing red as Bitcoin’s price plummeted to levels not seen since February.

“Most Bitcoin on-chain cyclical indicators that were hovering near the borderline have now shifted back to signaling a bull market,” CryptoQuant founder and CEKi Young Ju wrote in an Aug. 9 X post.

“Bitcoin is still in a bull market,” pseudonymous crypto trader PlanB added.

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Author: Ciaran Lyons

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