Bitcoin Market Sentiment Worsens as Bull Score Index Drops to 10

Samuel Edyme

3 months ago

3 mins read

Bitcoin Market Sentiment Worsens as Bull Score Index Drops to 10

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Bitcoin’s price appears to have resumed its downward trajectory after briefly recovering to the $87,000 level earlier this week. At the time of writing, Bitcoin has experienced a 5.7% decline in the past 24 hours, bringing its price significantly below recent highs.

Currently, BTC is down approximately 24.7% from its all-time high recorded above $109,000 in January, highlighting ongoing bearish pressure in the market.

As Bitcoin continues to navigate turbulent market conditions, analysts are paying close attention to various indicators to predict the asset’s next move.

Bull Score Index and Spent Output Age Bands Indicator

CryptoQuant analyst Julio Moreno recently highlighted the significance of the CryptoQuant Bull Score Index, a tool designed to measure market sentiment for Bitcoin.

According to Moreno, the Bull Score Index has been flashing bearish signals—below the critical threshold of 40—since Bitcoin traded around $96,000. At present, the Index has dropped even further, reaching a remarkably low level of 10, indicating severely bearish market conditions.

Bitcoin Bull Score Index. | Source: CryptoQuant

The Bull Score Index is a metric developed to quantify the bullish or bearish sentiment of the Bitcoin market. Scores closer to 100 indicate highly bullish sentiment, suggesting strong buying momentum, while scores approaching 0 indicate overwhelmingly bearish conditions, with significant selling pressure and negative market sentiment.

With the index now at 10, investor confidence appears notably weakened, pointing towards caution in the short term. Adding to these bearish signals, another CryptoQuant analyst, Maartunn, reported increased activity among older BTC holders, known as “Spent Output Age Bands.”

This indicator measures the age of Bitcoin that is actively being moved or transacted. When a large volume of older coins (coins held for several years) is moved, it typically suggests that long-term holders might be preparing to sell.

1,057 Bitcoin that hadn’t moved in 7–10 years just woke up.

Long-term holders may be preparing to sell. https://t.co/A6I7Mo3ljX

— CryptoQuant.com (@cryptoquant_com) April 3, 2025

Maartunn noted that over 1,057 BTC aged between 7 to 10 years recently moved, pushing this indicator above the critical 50 threshold, signifying potential increased selling pressure from long-term investors.

Contrasting Views from Technical Indicators

Despite these bearish warnings, some analysts remain optimistic about Bitcoin’s potential near-term performance. Crypto analyst Javon Marks has pointed to the Relative Strength Index (RSI), a momentum indicator that measures the speed and change of recent price movements, to justify his bullish stance.

Bitcoin price and RSI. | Source: Javon Marks on X

A breakout in the RSI typically signals growing bullish momentum and could precede significant price increases. According to Marks, Bitcoin’s daily RSI has recently held its breakout level, similar to previous bullish occurrences that have historically preceded significant upward moves.

However, another analyst known as Titan of Crypto has issued a cautionary note. Titan stressed that Bitcoin needs to maintain its position within a key support channel and keep the weekly RSI above important support levels to avoid further correction.

If Bitcoin fails to hold these levels, Titan predicts that a deeper market downturn could ensue, causing additional challenges for traders and investors.

Bitcoin (BTC) price chart on TradingView — BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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