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Time to watch out? Bitcoin bull score index drops to 2-year low!

2min Read

CryptoQuant, Glassnode and Coinbase analysts offered mixed projections for Bitcoin.

Time to watch out? Bitcoin bull score index drops to 2-year low!
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  • Bitcoin’s bull score index dropped to its 2023 levels as momentum weakened
  • According to Coinbase, April’s U.S tariffs and earnings reports could be factors to watch out for

In Q1 of 2025, Bitcoin [BTC] lost momentum and dropped by 23% to $84k from $109k. According to CryptoQuant analysts’ projections, this could mean a likely longer bearish trend.

In its weekly report, the analysts noted that the Bitcoin bull score index (BBSI) fell to a 2-year low. This highlighted weak market momentum across the board. 

“Currently, the index stands at 20—the lowest since January 2023—market conditions are weak, raising concerns that the recent price drop could be part of a broader bearish trend rather than a short-term correction.”

Bitcoin bull

Soure: CryptoQuant

The index ranges from 0 to 100. It tracks bullish signs like network activity, demand, and liquidity.

Higher values would be deemed bullish, while lower readings would show bearish conditions. The BBSI reading of 20 mirrored the weak conditions seen in 2022 and early 2023.

What’s next for Bitcoin?

Additionally, the analysts added that other key on-chain signals, apart from stablecoin liquidity, have been bearish since mid-February. 

Bitcoin

Source: CryptoQuant

The most distressed group of investors include STH (short-term holders), who have held BTC for 6 months or less. The group saw a record loss of $7 billion in the last 30 days, according to Glassnode. However, the analytics firm noted that losses remained within the historical levels seen during previous BTC bull runs.

“The rolling 30-day realized loss for #Bitcoin’s STHs has reached $7B, marking the largest sustained loss event of this cycle. However, this remains well below prior capitulation events, such as the $19.8B and $20.7B losses in 2021-22.”

Bitcoin

Source: Glassnode

However, Coinbase analysts didn’t share this optimistic outlook. Macro uncertainty and Trump tariffs worsened the risk-off sentiment for BTC in Q1. In fact, Coinbase analysts warned that new tariff wars in early April could be a key factor to watch. 

“We believe tariffs and 1Q25 earning reports (forward guidance) represent the most important factors for market players to watch in the weeks ahead.”

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Benjamin Njiri is a Crypto Analyst and Journalist at AMBCrypto who specializes in technical analysis and identifying emergent market trends. He excels at breaking down complex chart patterns and on-chain data to make them accessible and actionable for investors. His rigorous analytical approach is founded on his academic background as a Telecommunication Engineering graduate. This discipline has equipped him with an expert understanding of signal processing and data analysis, allowing him to systematically filter market noise from true trend signals with engineering precision. Armed with this unique perspective, Benjamin focuses on providing clear, data-driven insights into the digital asset landscape. His work is dedicated to demystifying the intricate world of cryptocurrencies, empowering readers to understand the forces that shape the market and to navigate it with greater confidence.
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