Bitcoin Market Cycle Indicator Flips Bullish After Flashing Red for 3 Days

After flashing red for three days as the price of Bitcoin fell to levels not seen since February, the bull-bear market cycle indicator, which tracks

Bitcoin on-chain cyclical indicators that indicated a bull market but were close to the border have now moved back, a post by CEKi Young Ju, founder of CryptoQuant, noted in August. 9 X post.

Bitcoin saw a notable upturn, as $194,062 million flowed into Bitcoin ETFs, marking the highest inflow since July 22. Leading the charge was BlackRock's IBIT with an inflow of $157.6 million, the highest since July 29.

There was a first inflow into Fidelity's FBTC since July 26 at $65.2 million, while Ark's ARKB and WisdomTree's BTCW saw inflows of $32.8 million and $118.5 million respectively. Notably, there was a large outflow from Grayscale's GBTC to the tune of $182.9 million, marking the biggest outflow since April 8.

After flashing red for three days as the price of Bitcoin fell to levels not seen since February, the bull-bear market cycle indicator, which tracks phases of investor sentiment, has flipped to indicate bullish conditions.

The main crypto asset had a difficult weekend last weekend. It continued the sharp decline that began on Friday and saw it drop from the $66,000 range to slightly under $60,000 by early Sunday. Later on Sunday, the landscape turned redder, declining to the $57K levels.

The worst of it occurred last Monday when it dropped another leg to slightly under $50,000, which was its lowest price point in about half a year. At this point, the bulls stepped in and prevented any more drops.

Bitcoin gained some momentum, rising to $53K on Tuesday and $57K by Thursday. On Friday, the crypto experienced yet another leg up, reaching nearly $63K

However, bitcoin lost some steam as it failed to sustain its rise. While it managed to cross the $60K support line, it is currently trading at about $800 above it.

The above is the detailed content of Bitcoin Market Cycle Indicator Flips Bullish After Flashing Red for 3 Days. For more information, please follow other related articles on the PHP Chinese website!