Bitcoin has started the week maintaining relative stability, with its price currently hovering around $87,000 despite a minor 0.4% dip over the past 24 hours.<\/p>\n
The crypto asset showed upward momentum<\/a> earlier in the week, briefly rallying beyond $88,000. Although the rally has slowed, the broader market remains focused on whether Bitcoin\u2019s recent performance signals a temporary correction or a more substantial shift in trend<\/a>.<\/p>\n Market analysts have turned to on-chain metrics for additional clarity. One such analyst, Burak Kesmeci, a contributor to CryptoQuant\u2019s QuickTake platform, recently examined<\/a> four key cyclical indicators to assess whether Bitcoin\u2019s bullish phase is losing steam.<\/p>\n According to Kesmeci, while some metrics suggest weakness, they do not yet indicate a market top. Kesmeci\u2019s first point highlights the Internal Funding Pressure (IFP) metric, which currently stands at 696K\u2014below its 90-day simple moving average (SMA90) of 794K.<\/p>\n Historically, a cross above the SMA90 tends to signal renewed bullish momentum, but for now, the metric suggests a lack of reversal strength<\/a>.<\/p>\n The second metric analyzed is the Bull & Bear Market Cycle Indicator. Kesmeci notes the current setup<\/a> mirrors earlier soft bearish signals observed during this cycle.<\/p>\n The 30-day moving average (DMA30) sits at -0.16, while the longer-term 365-day moving average (DMA365) is at 0.18. Until the shorter-term average crosses above the longer-term trend, the indicator remains tilted toward bearish sentiment.<\/p>\n Do 4 Different Cyclical On-Chain Metrics Signal the End of Bitcoin\u2019s Bull Market?<\/p>\n \u201cAll of these metrics suggest that Bitcoin is experiencing significant turbulence in the short to mid-term.<\/p>\n However, none of them indicate that Bitcoin has reached an overheated or cycle-top\u2026 pic.twitter.com\/tPw74wqERy<\/a><\/p>\n \u2014 CryptoQuant.com (@cryptoquant_com) March 25, 2025<\/a><\/p>\n Kesmeci also assessed the Market Value to Realized Value (MVRV) score, which remains below its 365-day SMA. Historically, this positioning tends to precede increased selling pressure<\/a>, although a rebound is possible once the score crosses back above its moving average.<\/p>\n The last such event occurred during the August 2024 carry trade crisis, which was resolved with a recovery after macroeconomic pressures eased.<\/p>\n Similarly, the Net Unrealized Profit\/Loss (NUPL) metric sits below its SMA365. Currently, NUPL stands at 0.49, compared to a moving average of 0.53. While not a definitive end to the bullish trend, the metric\u2019s position implies that further strength is needed for Bitcoin to regain bullish footing.<\/p>\n Kesmeci concludes that these on-chain indicators collectively point to short- and mid-term uncertainty but fall short of confirming a market top.<\/p>\nKey Indicators Reflect Mixed Sentiment<\/h2>\n
Bitcoin MVRV and NUPL Provide Additional Clues<\/h2>\n