Most Bitcoin On-Chain Indicators Signal a New Bear Market Cycle

Despite Bitcoin trading near $92,000 following a rebound, a growing number of on-chain indicators suggest the market has shifted into a bearish cycle, contrasting with optimistic forecasts from figures like Tom Lee and Arthur Hayes. CryptoQuant's Bull Score Signals composite shows key metrics—valuation, demand growth, network activity, and stablecoin liquidity—have turned consistently red since mid-2025, resembling the start of the 2022 downturn. Furthermore, the Bull Score Index is deep in bearish territory (20-30 range), and the Bull Score mapped to price shows persistent bearish readings across recent months, categorizing the current recovery as a bearish-zone rally. Momentum metrics like RSI and Chaikin Money Flow (CMF) also indicate a lack of conviction and continued capital outflows, suggesting that unless liquidity and network activity rebound strongly, the current price recovery is likely temporary.

(Source：BeInCrypto)