21 March | Bitcoin

CryptoQuant reports decline in bitcoin market sentiment

CryptoQuant reports decline in bitcoin market sentiment

According to analytics provider CryptoQuant, sentiment in the bitcoin market has deteriorated to its lowest level since January 2023. The Bull Score index, which assesses market activity, liquidity and demand, has dropped to 20. This is well below the level needed for sustained growth.

As noted by the company's analysts, the fall in the index indicates a weak market environment, reducing the likelihood of a near-term recovery. According to CryptoQuant's report, bitcoin's recent 23% drop from its January high of $109,580 might be not just a correction, but part of a broader bearish trend.

In addition, the network activity index has remained at its lowest level since December 2024. Combined with a rise in market volatility to a six-month-high, this points to broader investor interest in other crypto assets.

On Wednesday, the US Federal Reserve left interest rates unchanged, causing bitcoin to briefly rise to $87,590. However, by Friday, BTC had corrected by 1.8%. The data was reported by Decrypt.

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