Majority of Signals Flash Red as Momentum Cools
Bitcoin briefly recovered to $116,000 on Friday, but the majority of bull market indicators have now flipped bearish, signaling waning momentum, according to blockchain analytics firm CryptoQuant.
Analyst JA Maartun reported on Thursday that 8 out of 10 indicators in CryptoQuant’s Bull Score Index are showing bearish signals. Only “Bitcoin demand growth” and “Technical signal” remain positive, while metrics such as MVRV-Z score, profit and loss index, bull-bear cycle, exchange flow pulse, network activity, stablecoin liquidity, trader profit margins, and realized price have all turned red.
🐻 Caution Ahead?
8 out of 10 signals in the CryptoQuant Bull Score Index are flashing bearish for Bitcoin.
Momentum is clearly cooling. pic.twitter.com/WszRLeYMfp
— Maartunn (@JA_Maartun) September 11, 2025
The last time such bearish alignment occurred was in April, when Bitcoin sank to $75,000. Conversely, in July, eight of these indicators were bullish as BTC surged to its first 2025 peak of $122,800.
Peak Still Not in Sight
CryptoQuant’s overall Bull Score Index has hovered between 20 and 30 this month, reflecting the ongoing correction.
The CoinGlass Bitcoin Bull Run Index (CBBI) currently stands at 74, suggesting the market is about three-quarters through its bull cycle. Yet, only one of CoinGlass’ 30 peak indicators — the altcoin season index — has lit up, implying the ultimate market top may still be ahead.
Bitcoin Lags Behind Altcoins, Stocks, and Gold
While crypto markets traded sideways this week, Bitcoin notably underperformed compared to altcoins, equities, and spot gold, said Augustine Fan, head of insights at SignalPlus.
Fan noted that digital asset treasury buying has slowed, centralized exchanges are seeing fewer fresh inflows, and investors appear more comfortable rotating into equity proxies rather than crypto.
“The short-term picture looks more challenging,” Fan said, recommending a defensive stance in line with the historically tough September period for risk assets.
Others, however, argue this downturn is typical of the seasonal September correction and could set the stage for an extended bull run. Tony Edward, host of the Thinking Crypto podcast, suggested global liquidity is recovering and could push markets toward a local top in Q4 2025 and a potential blowoff top in Q1 2026.
BTC Reclaims $116K With Shallow Correction
Despite bearish signals, Bitcoin has managed to bounce back above $116,000, marking a 1.5% daily gain and its highest level in three weeks.
BTC now sits just 6.8% below its all-time high, and analysts note the current pullback has been shallower than in past cycles, hinting that the bull market may still have room to run.
