CryptoQuant: Bitcoin signals turned green in March 2023, entering an early bull market

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According to CryptoQuant, as reported by Coin World, since March 2023, CryptoQuant’s signal has for the first time placed Bitcoin in the early bull market zone. Its bull-bear market cycle indicator entered the bullish zone on May 12, and analysts believe this marks the end of bearish behavior. The indicator is based on CryptoQuant’s Profit/Loss Index and combines the MVRV ratio, NUPL, and the SOPR ratio between long-term holders and short-term holders. Julio Moreno, Head of Research at CryptoQuant, said that this shift “typically indicates that the worst phase of the correction has passed and the market structure is starting to recover.” When the indicator flipped, Bitcoin’s trading price rose above $80,000, rebounding about 35% from February’s $60,000 low. In April, the ETF inflows into spot Bitcoin products reached $2.44 billion, the strongest monthly institutional cumulative performance since October 2025. Bitcoin must break through the $82,000 resistance level to confirm that the signal is valid.

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