Following Bitcoin's historic high of $123,000 last month, CryptoQuant reports that a drop in its bullish index from 80 to 60 signals short-term consolidation and potential bearish transition amid profit-taking and seasonal slowdowns.
CryptoQuant reports that after Bitcoin reached a historic high of $123,000 last month, its bullish index dipped from 80 to 60, indicating short-term market consolidation. The analysis warns that an index reading below 40 would confirm a bear market due to profit-taking and seasonal slowdowns, and notes expectations of a rate cut from the Federal Reserve's upcoming September meeting.