Bitcoin Bull-Market Score Falls to 20 as Bearish Signals Build

Bitcoin (BTC) fell 9% in 30 days and 15% from its September high as its bull-market score dropped from 90 to 20, a reading classified as extremely bearish.

Bitcoin moved below its 365-day moving average at $76,400, with $73,200 as a key support level. Apparent demand contracted by 284,000 BTC over 30 days, while USDT’s market capitalization declined by $6.6 billion over 60 days. Traders’ unrealized profit rate fell to -6%.

Bitcoin could form a bottom in the $70,000 to $76,000 range over the next several weeks, but a bottom has not been confirmed. A drop below $73,200 could lead to a deeper correction.