Bitcoin is back above $116,000, but most signals that track the strength of its bull run are turning negative, according to fresh data from CryptoQuant.
The analytics firm reported that eight out of ten of its Bull Score Index indicators are currently bearish. “Momentum is clearly cooling,” CryptoQuant analyst JA Maartun said on Thursday, noting that only two metrics remain positive: Bitcoin demand growth and technical signal strength.
The demand growth indicator, which has been bullish since July, tracks overall appetite for BTC in the market. Meanwhile, the technical signal combines traditional charting metrics and analysis.
The rest of the measures — including the MVRV-Z score, profit and loss index, bull-bear cycle, exchange flow pulse, network activity, stablecoin liquidity, trader on-chain profit margin, and realized price — are all flashing red. These cover a range of market health metrics, from the profitability of supply to how much BTC is moving between wallets and exchanges.
The last time this many bearish signals appeared was back in April, when Bitcoin slid to $75,000. Conversely, in July, eight out of ten indicators were bullish as BTC surged to $122,800 — its first major high of the year.
Market peak still out of sight
CryptoQuant’s combined Bull Score Index, which blends all indicators, has been stuck between 20 and 30 this month as the market consolidates.
Meanwhile, the CoinGlass Bitcoin Bull Run Index (CBBI) — which evaluates nine different metrics to assess the stage of the bull cycle — is currently sitting at 74. That suggests the market is around three-quarters into the bull run. Still, only one of CoinGlass’s 30 peak indicators, the altcoin season index, has lit up so far.
Bitcoin trails altcoins, equities, and gold
Despite the bounce, BTC is still underperforming compared with altcoins, stocks, and even spot gold, according to Augustine Fan, head of insights at trading platform SignalPlus.
She noted that treasury buying has slowed, centralized exchanges are seeing low levels of fresh inflows, and investors are leaning toward equity-related proxies instead. “The short-term picture looks more challenging, and we would prefer a defensive stance consistent with the tough seasonal backdrop for risk assets,” Fan added.
Others, however, argue the correction is typical for September and that the broader uptrend remains intact. Crypto podcaster Tony Edward highlighted that global liquidity is climbing toward new highs, suggesting the bull market may stretch further. “It feels like this cycle is extending — with a possible local top in Q4 and a blowoff peak in Q1 2026,” he said.
BTC touches $116K again
In early Friday trading, Bitcoin climbed 1.5%, reclaiming the $116,000 level for the first time in three weeks. The asset now sits just under 7% away from its all-time high, with this correction proving much milder than downturns in past cycles.
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