Reasons to trust
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Bitcoin prices appear to have resumed their downward trajectory after temporarily recovering to the $87,000 level earlier this week. At the time of writing, Bitcoin has experienced a 5.7% decline in the last 24 hours, significantly below its recent high.
Currently, BTC is down around 24.7% from its all-time high, exceeding $109,000 in January, highlighting the ongoing bear pressure in the market.
As Bitcoin continues to navigate the turbulent market landscape, analysts are paying close attention to various metrics to predict the next move of their assets.
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Bull Score Index and Used Output Age Band Indicator
Crypto analyst Julio Moreno recently highlighted the importance of the cryptocurrency bull score index, a tool designed to measure Bitcoin’s market sentiment.
According to Moreno, the Bullscore Index uses a 40 critical threshold to flash a bearish signal, as Bitcoin was trading at around $96,000. At the moment, the index has fallen even further, reaching a significantly lower level of 10, indicating a terribly bearish market situation.
The Bullscore Index is a metric developed to quantify bullish or bearish sentiment in the Bitcoin market. A score close to 100 shows very bullish emotions and suggests a strong buying momentum, while a score approaching 0 shows overwhelmingly bearishness, accompanied by significant sales pressure and negative market sentiment.
Now, investor trust appears to be significantly weakened, with attention being paid to the short term. In addition to these bear signals, another crypto analyst, Maartunn, reported an increase in activity among older BTC holders known as the “used production age band.”
This indicator measures the age of Bitcoin that is actively moving or trading. When a large amount of old coins (coins held for several years) moves, it usually suggests that long-term holders may be preparing for sale.
I woke up 1,057 Bitcoins, which hadn’t been working in 7-10 years.
Long term holders may be preparing for sale. https://t.co/a6i7mo3ljx
– cryptoquant.com (@cryptoquant_com) April 3, 2025
Maartunn has recently moved over 1,057 BTC between the ages of 7-10, surpassing the metric’s significant 50 threshold, indicating a potential increase in sales pressure from long-term investors.
Contrasting views from technical indicators
Despite these bearish warnings, some analysts remain optimistic about Bitcoin’s potential short-term performance. Crypto analyst Javon Marks justifies his bullish stance by pointing out the Relative Strength Index (RSI), a momentum indicator that measures the speed and change in price movements these days.
RSI breakouts usually show bullish momentum and could precede a significant price rise. Bitcoin’s daily RSI has recently held breakout levels, similar to previous bullish events that preceded historically significant upward movements.
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However, another analyst known as Titan from Crypto has issued a warning memo. Titan emphasized that Bitcoin should maintain its position within the key support channel, keeping its weekly RSI above its critical support level and avoiding further modifications.
If Bitcoin can’t hold these levels, Titan predicts that a deeper market slump could occur, pose additional challenges for traders and investors.
Special images created with Dall-E, TradingView chart
