- Bitcoin shows weak signals as several major on-chain indicators turn red and point to a soft outlook.
- Liquidity data from the model shows reduced strength as price levels move between 60K and 120K zones.
- Market activity shifts as stablecoin and demand readings show low support during the recent decline.
Most Bitcoin on-chain indicators turned bearish as new data revealed weaker activity during the recent decline from levels near 120K. Ki Young Ju stated that Bitcoin entered a bear cycle without strong macro liquidity to support demand in the current market. The CryptoQuant model displayed several major indicators in red as the price held between 60K and 90K during the recent move.
The screen showed Bitcoin moving downward while the model flashed bearish signals across multiple readings. This raised one central question for traders: Can Bitcoin recover without strong liquidity to support the next cycle?
Key Indicators Turn Red Across the CryptoQuant Model
The model showed the MVRV Z-score in a bearish zone as the price rejected the upper range near 120K. This reading aligned with the broader trend, as other indicators showed reduced strength across several market segments. The CryptoQuant PnL Index also moved into red territory during the recent price decline.
The Bull Bear Cycle Indicator turned bearish as the price failed to regain earlier highs from the 2024 rally. This reading formed part of a cluster of red signals covering multiple structural indicators in the dashboard. Interexchange flow pulse data showed conditions that signaled low inflows during the decline.
Network activity readings also shifted as the CryptoQuant Network Activity Index remained in a bearish region. Stablecoin liquidity signals showed weaker support levels during the move and formed part of the current pattern. Bitcoin demand growth fell into a lower range as the trend aligned with other readings in the model.
Market Activity Aligns With Bearish Structural Signals
Trader on-chain profit margin readings also showed bearish conditions as the price moved lower across several sessions. The indicator formed part of the broader set of red metrics that appeared during the decline from recent highs. The trader realized price signals stayed inside a bearish range during the chart progression.
The technical signal section of the dashboard showed bearish conditions across the majority of readings. This view matched the visual split between red and green areas across the chart from 2020 through 2025. The chart also displayed clear clusters of red signals during earlier corrections.
These clusters aligned closely with price reactions during the 2021 drop and the 2022 decline.
The recent shift appeared similar, as several zones turned red during the move from near 120K back toward 90K. This pattern shaped trader expectations as the model signaled a bear cycle under current conditions.
Liquidity Conditions Shape the Current Bitcoin Outlook
Ki Young Ju said that Bitcoin entered a bear cycle without strong macro liquidity to support the trend. This statement aligned with the stablecoin liquidity reading in the model. Demand readings remained low through the decline and played a role in the current structure.
The dashboard showed clear red areas during periods of weak liquidity. The chart displayed similar zones across past cycles and matched the present conditions. These readings shaped the market view as traders tracked the range between 60K and 90K.
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