The Head of Research at the on-chain analytics firm CryptoQuant has explained why Bitcoin may be at risk of seeing a further drawdown. Bitcoin Is Still On Verge Of Bear Market In This Indicator In a new post on X, CryptoQuant Head of Research Julio Moreno has discussed the latest trend in the Bitcoin Bull-Bear Market Cycle Indicator. The “Bull-Bear Market Cycle Indicator” from CryptoQuant is an indicator based on the P&L Index. The P&L Index combines a few popular BTC metrics related to profit and loss, so it sums up the market balance in one value. This indicator can ascertain whether the asset is going through a bullish or bearish period by comparing it against its 365-day moving average (MA). Related Reading: Bitcoin Observes Pullback To $58,000: Is This The Cause? When the cryptocurrency breaks above its 365-day MA, it can be assumed to be inside a bull market. Similarly, falling under this MA implies a transition toward a bear market. The Bull-Bear Market Cycle Indicator, the actual metric of focus here ..
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