A recent analysis from CryptoQuant indicates that Bitcoin (BTC) may have entered a bearish phase following the latest market crash. This development is highlighted by CryptoQuant’s Bull-Bear Market Cycle Indicator, a tool that leverages on-chain data to assess market conditions. Let's dive deeper into what this means for Bitcoin and the broader cryptocurrency market.

CryptoQuant’s Bull-Bear Market Cycle Indicator Turns Negative
In a recent post on X, Julio Moreno, CryptoQuant’s Head of Research, discussed the Bull-Bear Market Cycle Indicator's shift into negative territory. This indicator is based on CryptoQuant’s Profit and Loss (P&L) Index, which integrates several on-chain metrics related to unrealized and realized profit/loss.

The P&L Index helps determine whether BTC is in a bull or bear market. When the P&L Index crosses above its 365-day moving average (MA), it suggests a bullish phase. Conversely, a drop below this MA indicates a bearish transition. The Bull-Bear Market Cycle Indicator visualizes this by tracking the distance between the P&L Index and its 365-day MA.

Recent Trends in the Bitcoin Indicator
The chart below illustrates the trend in the Bull-Bear Market Cycle Indicator over the past few years:

Earlier this year, as Bitcoin’s price rallied to a new all-time high (ATH), the Bull-Bear Market Cycle Indicator surged, entering what CryptoQuant describes as the “overheated bull” territory. This phase signifies that the P&L Index has significantly outpaced its 365-day MA, marking an overbought market.

15m TF. The coin has formed three local support levels, which are tested by several touches with the accumulation of unrealized liquidity behind them. A local downtrend with decreasing highs indicates a limit seller pushing the price towards a cascade in order to reverse.I will wait for the formation of consolidation, the appearance of volumes and activity in the glass before the impulse movement with the capture of liquidity.Free educational trading course here.Open the chart | #TrendBreakout

5m TF. The price is in consolidation, within which we can observe a test of the upper border of the poi zone and numerous manipulation of liquidity below, which tells us about the recruitment of a position by a major player.I expect to see a breakdown and consolidation over the downward slope in the near future and a continuation of the upward movement with an update of the local maximum of 2.5517$

The post SOL Price Breakout Beats The Bears, Next Stop $75? appeared first on Coinpedia Fintech NewsWith a declining trend momentum and intraday trading volumes over the weeks, the SOL price continues a lateral move. Taking support from $51 twice, Solana manages to remain buoyant above the $50 mark and prolongs the bearish battle. Keeping a growth return of more than 200% in the last sixty days, Solana keeps an extremely bullish sentiment in the daily chart. Therefore, the SOL price prediction keeps a bullish standpoint.Trapped between $51 and $68 levels, the SOL price continues to have a lower high formation, reflecting excessive overhead pressure. Further, the price action teases a bullish flag pattern with the ongoing consolidation phase. The consolidation range follows the 200% bull run in the last sixty days, teasing the bullish continuation pattern of the flag pattern. Further, the 4-hour chart displays another buy signal for short-term traders.In the 4H chart, the SOL price outgrows the triangle pattern, giving a breakout entry opportunity for short-term gains. However, a supply zone is present at the $60 mark, which remains the next obstacle to clear. Currently, the SOL price trades at $58.74, with an intraday growth of 0.88%, teasing a breakout rally.Technical Indicators:RSI Indicator: The daily RSI line shows a gradual lateral shift in the declining trend, teasing a trend reversal from the halfway line. Therefore, the RSI indicator projects a bullish trend reversal possibility. Will The Triangle Breakout Boost The SOL Price?In the daily chart, the bulls prepare for an uptrend continuation as it teases a flag pattern, a trend continuation pattern. Moreover, the triangle breakout in the 4H chart projects a high likelihood of a breakout rally crossing the $68 mark. Therefore, as Solana prepares to gain trend momentum, the SOL price can reach the $75 breakout with a breakout rally. In the longer phase, the altcoin can reach the psychological mark of $100. Conversely, a bullish failure to sustain momentum can retest $50 to warn a nosedive to $44-$45.#solana #analysis