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Bitcoin Lags Behind Altcoins, Stocks, and Gold Amid Correction Signs
Bitcoin (BTC) has reclaimed the $116,000 level for the first time in three weeks, but key on-chain signals suggest that momentum in the current bull market cycle may be cooling.
Eight of Ten Bull Market Indicators in the Red
According to blockchain analytics firm CryptoQuant, eight out of ten of its Bull Score Index indicators are now flashing bearish. Analyst JA Maartun noted on Thursday that “momentum is clearly cooling,” despite Bitcoin’s slight recovery.
Only two metrics remain bullish: Bitcoin demand growth and the technical signal. Demand growth, which measures the appetite for BTC in the market, has remained positive since July, while the technical signal tracks commonly used analysis tools and metrics.
In contrast, other major indicators — including the MVRV-Z score, profit and loss index, bull-bear cycle indicator, inter-exchange flow pulse, network activity index, stablecoin liquidity, trader on-chain profit margin, and trader realized price — are all in bearish territory.
The last time such a strong bearish alignment occurred was in April, when Bitcoin dropped to $75,000. Conversely, in July, eight out of ten indicators turned bullish as BTC surged to $122,800.
Correction in Progress, Bull Market Peak Still Ahead
CryptoQuant’s overall Bull Score Index has been fluctuating between 20 and 30 this month, reflecting an ongoing market correction. Meanwhile, the CoinGlass Bitcoin Bull Run Index (CBBI) stands at 74, suggesting the market is roughly three-quarters of the way through its bull cycle.
However, only one of CoinGlass’s 30 peak indicators — the altcoin season index — has signaled so far, implying that the final bull market peak may not yet have arrived.
Bitcoin Lags Behind Altcoins, Stocks, and Gold
While Bitcoin’s recovery lifted it 6.8% away from its all-time high, analysts note that the asset is still lagging altcoins, equities, and gold. Augustine Fan of SignalPlus said net buying momentum has slowed, with institutional inflows softening and centralized exchanges reporting weak new capital on-ramps.
Some market watchers attribute the weakness to the typical September correction, while others, like podcaster Tony Edward, suggest the bull market may extend into 2026, with a potential local top in Q4 2025.
