PANews, citing a CryptoQuant report, said that multiple Bitcoin indicators have turned bearish, and Bitcoin may build a bottom within a range in the coming weeks, but this has not yet been confirmed.
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CryptoQuant: Multiple Bitcoin Indicators Turn Bearish, Market at Critical Point Between Local Bottoming and Deep Correction
PANews November 10 news, according to CryptoQuant's latest report, Bitcoin has fallen 9% over the past 30 days, retreating 15% from its September high. The Bull Score Index plummeted from 90 to 20, entering an extremely bearish zone; 30-day apparent demand shrank by 284000 BTC, USDT market capitalization decreased by 6600000000 USD over 60 days, and traders' unrealized profit rate dropped to -6%. Bitcoin has fallen below the 365-day moving average at 76,400 USD, with 73,200 USD serving as key support. The report expects the market may bottom out in the 70,000 to 76,000 USD range over the coming weeks, though this has not yet been confirmed; if key support is broken, a deeper correction could begin.
According to a CryptoQuant report cited by PANews, Bitcoin has fallen 9% over the past 30 days and is down 15% from its September high.
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The report said the bull market score index fell from 90 to 20, entering the extremely bearish range.
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The report states that 30-day apparent demand shrank by 284000 BTC, USDT market cap decreased by 6600000000 USD over 60 days, and traders' unrealized return rate fell to -6%.
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The report states that Bitcoin has fallen below the 365-day moving average of 76,400 USD, with 73,200 USD serving as key support.
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The report projects that a bottom may form in the 70,000 to 76,000 USD range over the coming weeks, though this remains unconfirmed; a breach of key support could trigger a deeper correction.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This report lists falling prices, shrinking demand, and negative unrealized returns for traders as signals of a weak market. It simultaneously retains two possibilities: forming a bottom within the stated range, or falling further after breaking below key support, without confirming that a bottom has been formed.
Why it matters to readers
The report provides specific indicators and price levels for observing Bitcoin's subsequent trend, but the bottoming range and deeper pullback are both conditional judgments, not outcomes that have already occurred.
It is important to distinguish between historical data and future projections in the report: "possible bottoming" does not equate to having already reached a bottom, nor does "key support" guarantee that prices will not break below it.
Risks and unknowns
The evidence is PANews's paraphrase of the report, which does not provide the indicator calculation methodology or raw data, making independent verification impossible.
The bottoming in the 70,000 to 76,000 USD range has not yet been confirmed, and the trend in the coming weeks remains uncertain.
The evidence does not explain the reason for the decrease in USDT market capitalization, and its price or reserve status cannot be judged based on this.
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Bull Market Rating Index
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