Bitcoin Cycle Score Turns Negative With Trend Below $106,780 – When Will The Correction End?

Bitcoin (BTC) continues to lose momentum, as the flagship cryptocurrency fell to $103,528 earlier today amid an increasingly uncertain global macroeconomic ￰0￱ data from Binance suggests that BTC is currently undergoing a critical transition phase within its price ￰1￱ Fall Continues – When Will Bloodbath End? According to a CryptoQuant QuickTake post by contributor Arab Chain, Bitcoin is currently undergoing an important transition phase within its market ￰2￱ Bitcoin Cycle Phase Score recently entered negative territory, in tandem with a decline in BTC’s price from $124,000 to around $107,000 within 24 ￰3￱ Reading: Bitcoin Market Feels “Too Efficient” As Arbitrage Opportunities Vanish – What It Means For Price?

The Cycle Phase Score combines market trend and short-term momentum (Z-Score) to show Bitcoin’s current ￰4￱ values indicate upward momentum, while negative values signal short-term weakness or a ￰5￱ decline in the Cycle Phase Score shows that the BTC market has lost some of its upward momentum that benefited it during the first two weeks of ￰6￱ transition to negative territory shows the start of a structural correction phase, following weeks of consecutive ￰7￱ analyst explained that a trend_signal of -1 confirms that BTC’s price has tumbled below the 200-day moving ￰8￱ is likely to trade below this metric until it can decisively break through the $106,780 level.

Similarly, a negative Z-score shows that Bitcoin’s price is trading significantly below its short-term average, further confirming the dominance of short-term selling ￰9￱ Chain added: Analytically, this movement can be viewed as a rebalancing phase within the ongoing cycle, rather than the start of a long-term ￰10￱ current pullback follows a strong period of price expansion, which is often followed by a temporary pause in momentum before the main trend ￰11￱ Chain concluded by saying that if BTC’s price finds stability above $105,000 in the coming days, then the Cycle Phase Score indicator may re-enter the positive region ￰12￱ a development could signal the end of the ongoing price correction ￰13￱ BTC Fall Below $100,000?

As BTC trades close to the mid $100,000 level, fears are rising in the market that the digital asset may fall below the psychologically important $100,000 mark. Further, on-chain data is not particularly encouraging, as the Bitcoin network activity recently crashed below the 365-day ￰14￱ Reading: Bitcoin’s On-Chain Roadmap Shows $111,000 – $143,000 As The Range To Watch In addition, crypto analyst CryptoBirb recently stated that the current BTC bull cycle is likely coming to an ￰15￱ analyst remarked that Bitcoin is almost 99.3% through its current ￰16￱ said, whale accumulation of BTC is showing no signs of slowing ￰17￱ added a total of 176,000 BTC to their treasuries during Q3 ￰18￱ press time, BTC trades at $105,484, down 5.1% in the past 24 ￰19￱ image from Unsplash, charts from CryptoQuant and ￰20￱