CryptoQuant: Bitcoin BCMI Indicator Declines, Possibly Indicating a Bear Market Phase

MarsBitNews · 2025-12-24T10:15:34+00:00

Mars Finance reports that CryptoQuant published an analysis indicating that the on-chain Bitcoin indicator BCMI continues to decline, currently below the equilibrium level but still above the historical bottom region. Analysts believe this suggests that the market is not only experiencing a cooling phase but also undergoing a structural reset through price and on-chain momentum. Historical data shows that the cycle bottoms in 2019 and 2023 occurred when BCMI reached the 0.25-0.35 range. From a data perspective, the current market may be transitioning into a bear market phase rather than a simple correction, with the market in a downward transition stage rather than a complete reset.

MarsBitNews

2025-12-24 10:15:34

火星财经消息，CryptoQuant 发文分析表示，比特币链上指标 BCMI 持续下降，目前已低于均衡值，但仍高于历史底部区域。分析师认为，这表明市场不仅经历冷却阶段，而是通过价格和链上动能进行结构性重置。历史数据显示，2019 年和 2023 年的周期底部形成于 BCMI 达到 0.25-0.35 范围时。从数据角度看，当前市场可能正在向熊市阶段过渡，而非简单回调，市场处于下行过渡阶段而非完全重置状态。

BTC2,34%

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