Historically, a Bull Score of 0 indicated either late-cycle distribution before a trend reversal or macro bottoms as seen in 2020 and 2022. Given the current levels, the structure appears similar to a late-bull to early-bear transition than a deep capitulation.
IT Tech noted that market strength is based on constrained supply rather than fresh demand, and momentum has completely cooled. However, IT Tech claims that ETF inflows, liquidity growth, and long-term holder re-accumulation must swiftly return in order for the market to regain strength. Otherwise, Bitcoin enters into a prolonged consolidation phase.
