Bitcoin Bullish Can Be Reset: Price Should Not Close Below This Level! - Coin Bulletin

If Bitcoin (BTC) closes daily below 76 thousand dollars, the rise expectations in the market may be completely reset and the bear time may have come.

CryptoQuant analyst Julio Moreno stated that if Bitcoin closes daily below $76,000, bullish expectations may disappear completely.

This critical analysis shared by Julio Moreno is a continuation of the negative developments that have recently occurred in Bitcoin. Julio Moreno emphasized that the bullish signals in Bitcoin have significantly weakened according to the data from the Bull Score Index developed by CryptoQuant. The rise potential of Bitcoin has noticeably declined in recent weeks, causing concern among investors.

The index has been continuously declining since the day Bitcoin reached the 96 thousand dollars level, and in recent days it has dropped to 10 points. The approach of this point to critical levels indicates that market players' expectations have become quite pessimistic. The Bull Score Index approaching zero is interpreted as the complete loss of the bull market and the dominance of bear market conditions.

Julio Moreno stated that a closing below 76 thousand dollars would directly bring the index down to zero, suggesting that market sentiment could deteriorate much further. Such a drop in the index usually brings along major sell-offs or periods of uncertainty. Julio Moreno, who mentioned that investors should pay particular attention to these levels, indicated that Bitcoin could be under serious pressure in the short term.