CryptoQuant’s Bitcoin Bull Score Index has jumped to a value of 30, indicating bearish conditions persist for the asset, but are no longer as extreme.
Bitcoin Bull Score Index Has Seen A Small Uptick
In a new post on X, CryptoQuant head of research Julio Moreno has talked about the latest trend in the Bull Score Index for Bitcoin. This indicator basically tells us about the phase of the market that the cryptocurrency is currently in. The metric determines this by referring to the data of ten indicators covering different aspects of the network. Some of the major on-chain indicators part of the index include the MVRZ Z-Score, Realized Price, and CryptoQuant P&L Index.
The Bull Score Index’s value corresponds to the number of these metrics that are currently giving a bullish signal for BTC. For example, a value of 60 implies six indicators are giving the green light.
Now, here is the chart shared by Moreno that shows how the Bitcoin Bull Score Index has fluctuated over the last few months: