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17/04/26 07:53 UTC-04

CryptoQuant: Bitcoin composite index approaches historical support zone

Cryptocurrency Cryptocurrency
Cryptocurrency CryptoQuant: Bitcoin composite index approaches historical support zone
  • CryptoQuant analysts stated that the BCMI index has dropped into the 0.2–0.3 range.
  • This level has historically corresponded to zones of deep Bitcoin undervaluation.
  • At the same time, the 90-day moving average of the index is still trending downward.

The Bitcoin Composite Market Index (BCMI) has approached a key historical support zone, according to CryptoQuant analysts.


BCMI index. Data: CryptoQuant.

According to their data, the indicator has entered the 0.2–0.3 range. In the past, such values corresponded to periods when Bitcoin was deeply undervalued. However, the company emphasized that this does not guarantee an inevitable V-shaped recovery.

CryptoQuant noted that BCMI is based on several metrics: MVRV, NUPL, SOPR, and the Fear & Greed Index. The largest weights in the index are assigned to MVRV (30%) and NUPL (25%).

According to analysts, this indicates that realized value and market sentiment have declined to levels last seen in early 2023.

Despite this, the 90-day simple moving average (SMA 90) of BCMI is still trending downward. CryptoQuant believes that for a more reliable confirmation of a reversal, it is necessary to wait for its stabilization. Such a signal could indicate that selling pressure has been exhausted.

Analysts added that the market is entering a “value accumulation zone.” In their view, the downside potential appears limited compared to the long-term upside potential. However, final confirmation of a bottom formation requires price stabilization.

Previously, experts noted that the current rise in Bitcoin’s price is occurring amid an increased risk of profit-taking.

According to their estimates, the asset has now approached the realized price level of traders — around $76,800. Historically, this level acts as a resistance zone, as investors who break even often begin to sell.

At the time of writing, Bitcoin is trading near the $75,500 level:


BTC/USDT price on Binance exchange. Source: TradingView.

See also: "ETH/BTC Ratio Hits Three-Month High Amid Rising Ethereum Network Activity"

#Bitcoin (BTC) #Forecast

Editor: Yuliya Soroka
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