The Bitcoin Bull Score composite metric, which tracks the MVRV Z-Score, cyclical indicators, and trader profit margins, is currently at 20, a level historically associated with bearish conditions. At the moment, Bitcoin is trading around $113,000, still holding above key support levels but showing signs of market momentum faltering.
On-chain analyst JA_Maartun described the 20 reading as a signal to take seriously, indicating that the fundamentals supporting the current bull run are weakening. Other analysts, including Axel Adler Jr., have also warned that the market is currently “around” the bearish zone, with the integral index at 43%, slightly below the critical 45%. However, they described the situation as “unconfirmed bearishness,” and the market could still return to neutral if positive derivative trends emerge in the near term.
Data from Glassnode shows a key support zone between $107,000 and $108,900. If this level is broken, the price could potentially pull back further towards $93,000. At the same time, some analysts are still clinging to the cyclical theory that expects the bull run to be 93% complete and could peak between late October and mid-November 2025. However, the traditional four-year cyclical narrative is now being challenged, with some citing a shift towards an isolated “mini-cycle” that could end the old pattern.
Support for the bearish view is also supported by other metrics such as the Taker Buy/Sell Ratio, whose 30-day average fell to a seven-year low below 0.98. In terms of price performance, Bitcoin registered a slight increase of 2.14% in 24 hours to $113,094, but is still down 8.2% in two weeks and almost 9.1% below its all-time high of $124,457. The weekly trading range between $109,214 and $117,016 shows that the market is still looking for direction.
